According to online intelligence platform Arkham Intelligence, a cryptocurrency wallet marked as being controlled by the US government transferred approximately 3,940 bitcoins (worth $241 million) to the Coinbase exchange on Wednesday, the 26th The wallet currently holds around $13.3 billion worth of bitcoin.
Source:
Ark
According to Arkham, these 3,940 bitcoins were initially confiscated from a drug dealer namedmeet Singh. In a press release issued by the US Department of Justice in April of this year, it was stated that Singh was sentenced to five years imprisonment for selling controlled substances on several dark web markets including Silk Road, Alpha, and Hansa. He was also ordered to forfeit approximately $150 million in proceeds.
This government-related wallet had previously disclosed transferring 30,175 bitcoins (worth approximately $2 billion) Coinbase in early April. One transaction involved sending 0.001 BTC which market analysts may have been a test transaction in preparation for subsequent large transfers and liquidation.
While bitcoin prices been declining recently, certain bearish events have drawn market attention including the announcement by Mtox exchange’s trustee that repayments will commence in early July and the recent transfer of large amounts of bitcoin from a wallet purportedly associated with the German government to.