Bitcoin Teeters On Edge Of Precipitous Fall As Silk Road BTC Stash Moves To Coinbase ⋆ ZyCrypto
The post Bitcoin Teeters On Edge Of Precipitous Fall As Silk Road BTC Stash Moves To Coinbase ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     The feds are moving their Bitcoin stash again. Blockchain data shows that on Wednesday, a wallet tagged as belonging to the United States Department of Justice moved some $241 million worth of BTC to a Coinbase Prime address. Arkham Research traced the transaction and found that the Bitcoins were originally seized from a convicted drug trafficker who operated on the now-shuttered Silk Road dark web marketplace. This transfer by the Feds came just hours after Arkham found evidence that the German government had moved 750 Bitcoins. BTC Seized From Silk Road Vendor Moves To Coinbase Bitcoin dropped towards the $60K level on June 13 after the US government transferred approximately 3,940 Bitcoin (BTC), worth $241 million to Coinbase. Blockchain analytics platform Arkham Intelligence noted that the funds were moved to Coinbase Prime. Advertisement   The researcher revealed that the BTC stash was seized from Indian national Banmeet Singh, who pleaded guilty in 2024 to distributing narcotics and money laundering offenses. At trial, Singh was ordered to forfeit crypto assets worth roughly $150 million at the time. Update: US Government Sends $240M BTC to Coinbase Prime The US Government just moved 3,940 BTC ($240M) to Coinbase Prime. This BTC was originally seized from narcotics trafficker Banmeet Singh, and forfeited at trial in January 2024. Transaction: https://t.co/hZ1CwqWCmF pic.twitter.com/9t6k8Wdizq — Arkham (@ArkhamIntel) June 26, 2024 The U.S. government currently holds 213,246 BTC worth over $13.2 billion— making it one of the largest Bitcoin holders in the world. Meanwhile, the German government is the world’s fourth-biggest sovereign holder of BTC, behind the U.S., China, and the United Kingdom, with 46,359 coins. What This Could Mean For BTC Price When coins are transferred to centralized exchanges, it is usually to sell, as holders look to take advantage of the deeper liquidity these…
Filed under: News - @ June 28, 2024 12:26 am