The US Government sent 4,000 bitcoin to Coinbase
A bitcoin (BTC) wallet, identified as belonging to the United States Government, mobilized 3,940 BTC, equivalent to 240 million dollars.
According to what was reported by the Arkham Intelligence explorer, the movement was made today, June 26 and The funds were sent to a wallet belonging to the Coinbase exchange Prime.
Transfer of funds caused a slight drop in the price of bitcoin which fell to $60,000but as seen on the TradingView chart, it has recovered and is trading again at $61,100 at the time of this publication.
These movements may cause some uncertainty in the market, as Investors fear that selling such a large amount of bitcoin could put downward pressure on the price of the asset.
The digital currencies were confiscated from drug trafficker Banmeet Singh, originally from India, and seized in January 2024. Singh was sentenced to five years in prison for selling controlled substances on the dark web.
Customers paid Singh with cryptocurrencies through the vendors’ sites. Singh would then personally ship or arrange for the substances to be shipped from Europe to the United States via US Postal Mail or other shipping services.
The US government’s preference for converting bitcoin into dollars rather than holding onto it highlights its conservative approach to digital assets.
This is a constant in the American government. Last April, it transferred 30,174 bitcoins, equivalent to almost 2 billion dollarswhich were seized in the Silk Road case, as reported by CriptoNoticias.
