According to online intelligence platform Arkham Intelligence’s data, a cryptocurrency wallet marked as controlled by the US government transferred about 3940 bitcoins (worth $241 million) to the Coinbase exchange on Wednesday (26th). The wallet still holds approximately $13.3 billion worth of bitcoin.
Source: Ark
According to Arkham, these 3940 bitcoins were originally confiscated from a drug named Banmeet Singh. In a press release issued by the US Department of Justice in April this year, Singh was sentenced to5 years in prison for selling controlled substances on several dark web markets including Silk Road, Bay, and Hansa and was ordered to forfeit approximately $150 million in criminal proceedsThis government-related wallet also previously disclosed that it had transferred 30,175 bitcoins worth $20 billion to Coinbase at the beginning of April. One transaction sent 0.001 BTC, which is believed by the market to be a test transaction preparing for subsequent large transfers and sales.
As bitcoin prices have been continuously declining recently, some bearish events have attracted market attention including Mt.Gox exchange trustee’s announcement that repayments will commence in early July and a cryptocurrency wallet labeled as belonging to the German government has been transferring amounts of bitcoin to exchanges.
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