The United States government has transferred 3,940 Bitcoin that it has seized to the Coinbase Prime Wallet

Arkham Intelligence, a blockchain data firm, reported that the United States government transferred 3,940 Bitcoins sequestered on Wednesday to a Coinbase premier wallet.

Banmeet Singh, a convicted narcotics trafficker who pleaded guilty to money laundering earlier this year, was the owner of the Bitcoins, according to the data. At the time of publication, the Bitcoins that were transferred were valued at $241 million.

On-chain investigator The United States government currently possesses 213,546 Bitcoin (BTC) valued at approximately $13.07 billion, according to Lookonchain.

Bitcoin Treasuries, a data website, also corroborated this. China and the United Kingdom are the third and fourth largest holders of Bitcoin, with 190,000 BTC and 61,000 BTC, respectively.

El Salvador and Germany are among the 11 governments worldwide that collectively possess Bitcoin, which accounts for 2.7% of the 21 million bitcoin supply.

The news was released just hours after the German government seized 750 Bitcoins, of which 250 BTC were transmitted to Bitstamp and Kraken.

As per Jameson Lopp, the co-founder of Casa, the United States government has confiscated and liquidated a minimum of 195,091 BitCoins. This encompasses assets acquired through the Silk Road auction, the US Marshals’ announcement, and other sources.

Banmeet Singh, a vendor of drugs on the dark web, was sentenced to five years in prison on April 19th for the sale of narcotics online. Reports indicate that consumers utilized the vendor sites to pay for narcotics ordered from Singh using cryptocurrency.

The Singh drug organization laundered millions of dollars in drug proceeds into crypto accounts, which were believed to be worth approximately $150 million, over time. The largest cryptocurrency seizure ever conducted, according to the US Drug Enforcement Agency (DEA).

Nevertheless, Singh was in custody for a mere week, as reported by the Columbus Dispatch. As part of his sentence, he also reportedly surrendered over 4,000 units of cryptocurrency.

The crypto community is concerned about the potential for a decline in the price of Bitcoin as a result of the recent government sell-offs. Nevertheless, the BTC price was unable to sustain its gains on Wednesday as a result of the US government’s sell-offs.

At the time of writing, the world’s largest cryptocurrency experienced a 1.4% decline in the past 24 hours and is currently trading at $60,656.

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