US Government Moves $240 Million in Bitcoin to Coinbase

The Bitcoin was initially seized from Banmeet Singh, a convicted drug trafficker who ran a narcotics smuggling network from 2012 to 2017 across multiple states, including Florida, New York, and Washington, according to the US Department of Justice.

Singh was ordered to forfeit approximately $150 million worth of Bitcoin to US authorities as part of his conviction, which has been noted as the Drug Enforcement Agency's (DEA) largest crypto seizure.

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Recently, market participants have been concerned about government sell-offs affecting Bitcoin prices. This anxiety was amplified by reports of the German government offloading Bitcoin worth about $2.76 billion at the time of writing.

Investor worries extend beyond government actions to the client reimbursement process by the bankrupt Mt. Gox exchange, which involves releasing 140,000 Bitcoin to compensate those affected by its 2014 collapse. Despite these pressures, Bitcoin exchange balances are at their lowest in six years, providing some market stability.

The US government is still the largest state holder of Bitcoin, with about 214,000 Bitcoin worth around $13 billion.

These events underline the influence that government actions and large-scale liquidations have on the crypto market. With substantial holdings, governmental bodies continue to be important players in the Bitcoin ecosystem.

In other news, in April, the US authorities moved around $2 billion worth of Bitcoin seized from the Silk Road darknet marketplace.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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