📰Breaking News: The US government transferred $240 million worth of Bitcoin to COINBASE exchange📈
According to Arkham Intelligence's on-chain data analysis, on June 26, the US government transferred 3,940 Bitcoins to the Coinbase Prime wallet. The transaction was completed at 5:00 pm UTC. These Bitcoins originated from the assets of convicted drug dealer Banmeet Singh. 👮♂️
Case review:
🚔Banmeet Singh: In 2019, Singh was arrested in London on drug trafficking charges and extradited to the United States in 2023. From 2012 to 2017, he operated a multistate drug network. 🪙
Bitcoin seizure: As part of the sentence, Singh was forced to hand over more than 8,100 Bitcoins, which were valued at about $150 million at the time. The US Drug Enforcement Administration claimed that this was its largest cryptocurrency seizure in history. 🕵️♂️
Latest developments: Singh was sentenced to five years in prison in April 2024, but was released because he had served his sentence. He plans to return to India. 💸
Market concerns: The Bitcoin market is worried that the government may sell Bitcoin, which will affect the price of the currency. Recently, the German government was reported to be planning to sell about $2.76 billion worth of Bitcoin, which has exacerbated the market's uneasiness. 📊
Government holdings: Arkham data shows that the US government currently holds about 214,000 Bitcoins, with a total value of about $13 billion, making it the largest government holder in its database. 🏦
Mt. Gox liquidation: At the same time, the Mt. Gox bankruptcy agency began selling 140,000 Bitcoins to compensate victims of the 2014 crash, which further increased investor concerns.
📉Exchange inventory: Despite the selling concerns, the exchange's Bitcoin inventory is still at a six-year low, which may offset the potential impact of price declines. 📉
Bitcoin price dynamics: The transfer of seized Bitcoin to exchanges often indicates possible selling, which may affect the price of the currency.
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