US Authorities Move $243 Million in Confiscated Bitcoin to Coinbase
On June 26, 2024, the U.S. government transferred 3,940 bitcoins, worth $243 million, to Coinbase from a darknet market dealer.
These bitcoins were confiscated from narcotics dealer Banmeet Singh, who was convicted in January 2024. Singh’s operations spanned Silk Road, Alpha Bay, and Hansa. The transfer, tracked by onchain analysts like Zachxbt and Arkham Intelligence, led to a 0.5% drop in BTC value, pushing it below $61,000. Following this sale, the U.S. government holds 213,546 BTC, valued at over $13 billion
Clever Robot News Desk 27th June 2024
