Wallets allegedly linked to US government move 3,940 bitcoins to Coinbase
Quick Take Arkham Research traced the transaction and found the 3,940 bitcoins were originally seized from darknet market operator Banmeet Singh, who pleaded guilty to distributing controlled substances and money laundering offenses in 2024. The U.S. government has sold off at least 195,091 bitcoins, earning over $366 million, since 2014. A source with direct knowledge of the matter confirmed to The Block that Coinbase controls the receiving address.
Wallets thought to be associated with the U.S. government have moved a sizable portion of cryptocurrencies — specifically 3,940 bitcoins worth $241 million — onto Coinbase, according to on-chain sleuth Lookonchain . This comes just hours after the same pseudonymous researcher found evidence that the German government had moved 750 bitcoins.
It is not uncommon for governments to sell or auction off crypto collected through criminal investigations or other asset seizures. Billionaire bitcoiner Tim Draper, for instance, purchased nearly 30,000 bitcoins seized from the Silk Road darknet market by the U.S. Marshals Service in 2014.
Data provider Arkham Research traced the U.S. transaction and found the 3,940 bitcoins were originally seized from Indian national Banmeet Singh. In 2024, he pleaded guilty to distributing controlled substances and money laundering offenses and was ordered to forfeit cryptocurrencies worth approximately $150 million at the time .
A source with direct knowledge of the matter confirmed to The Block that Coinbase controls the receiving address.
According to data site Bitcoin Treasuries , the U.S. government currently possesses 213,546 BTC -1.70% , worth over $13 billion at the current market price, making it one of the world's largest bitcoin holders. The German government, meanwhile, is the world’s fourth-largest sovereign holder of bitcoin, behind China and Great Britain, with 46,359 coins.
Casa co-founder and Bitcoin educator Jameson Lopp has tracked U.S. government sales of bitcoin and found it has seized and sold off at least 195,091 bitcoins, earning over $366 million, since 2014.
Known government bitcoin stockpiles account for 2.7% of the total 21 million bitcoin supply.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Russia to move crypto miners to the barren north, let them mint at old oil fields
Share link:In this post: Bitcoin miners may be asked to relocate to Russia’s north. Proposal comes amid expanding ban on cryptocurrency mining. Miners offered to utilize idle power infrastructure at abandoned oil fields.
SpaceX could cash in on Trump’s $175B “Golden Dome” missile defense system plan
Share link:In this post: SpaceX, Lockheed Martin, Boeing and others are racing to build Trump’s $175 billion Golden Dome missile shield. On May 1, 42 Democratic lawmakers asked the Defense Department inspector general to review the contract over Elon Musk’s ties and conflict concerns. The Trump team says the shield can be done in three years for $175 billion, but the CBO pegs it at 20 years and $524 billion.
Metaplanet is going parabolic; Is the market bullish on Bitcoin Treasuries?
Share link:In this post: Metaplanet increased its Bitcoin reserve holding to 78% of the original target of 10000 BTC by the end of 2025. Metaplanet stock has gained over 57% throughout the past week and a 163% gain on the monthly chart. Metaplanet has become the most shorted stock by Japanese hedge funds, while analysts compare it to GME of 2021.
Trending news
MoreCrypto prices
More
