{"id":14743,"date":"2024-06-27T11:14:44","date_gmt":"2024-06-27T08:14:44","guid":{"rendered":"https:\/\/forklog.com\/en\/us-government-transfers-240-million-in-bitcoin\/"},"modified":"2024-06-27T11:14:44","modified_gmt":"2024-06-27T08:14:44","slug":"us-government-transfers-240-million-in-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-government-transfers-240-million-in-bitcoin\/","title":{"rendered":"US Government Transfers $240 Million in Bitcoin"},"content":{"rendered":"<p>On June 26, a cryptocurrency wallet associated with the US government transferred 3,940 BTC (approximately $240 million) to the exchange Coinbase Prime, according to analysts at Arkham Intelligence.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Update: US Government Sends $240M BTC to Coinbase Prime<\/p>\n<p>The US Government just moved 3,940 BTC ($240M) to Coinbase Prime.<\/p>\n<p>This BTC was originally seized from narcotics trafficker Banmeet Singh, and forfeited at trial in January 2024.<\/p>\n<p>Transaction: <a href=\"https:\/\/t.co\/hZ1CwqWCmF\">https:\/\/t.co\/hZ1CwqWCmF<\/a> <a href=\"https:\/\/t.co\/9t6k8Wdizq\">pic.twitter.com\/9t6k8Wdizq<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1806012299494273149?ref_src=twsrc%5Etfw\">June 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Researchers indicate these funds were <a href=\"https:\/\/u1f987.com\/en\/news\/us-government-seizes-250-million-in-bitcoin-from-drug-trafficker\">seized<\/a> from drug trafficker Banmeet Singh in May.<\/p>\n<p>The seizure was conducted as part of a <a href=\"https:\/\/www.justice.gov\/opa\/pr\/dark-web-vendor-pleads-guilty-distributing-narcotics-and-forfeits-150m\">court proceeding<\/a> in January. The Indian national pleaded guilty to selling narcotics on darknet marketplaces and agreed to forfeit $150 million. From 2012 to 2017, he operated on now-defunct platforms like Silk Road, Alpha Bay, Hansa, and others, accepting cryptocurrency as payment.<\/p>\n<p>According to a <a href=\"https:\/\/jlopp.github.io\/us-marshals-bitcoin-auctions\/\">tracker<\/a> by Casa co-founder and CTO Jameson Lopp, the US has confiscated and sold a total of 195,091 BTC for $366.4 million since 2014, with an average price per coin of approximately $1,878.5.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXfBjhYayx5J1Bv419WvYUufK3TXDuetE1sg7tjTRi4N_h5VC_IB5CN_4D07e9beUmXnYcnuouixeB1sNzrfreW2xmNStCWj8s5NcwHs4rf_oSGiusJweuyBgdDd5VXyMdkauIfKRwd2C88BA0pKxTzTNw?key=EZRigTBkvLSAYZkyQK3RqA\" alt=\"US Government Transfers $240 Million in Bitcoin\"\/><figcaption class=\"wp-element-caption\">Bitcoin confiscations by the US government. Data: jlopp.github.io.  <\/figcaption><\/figure>\n<p>Given the current exchange rate, the US government potentially missed out on $11.5 billion in profits.<\/p>\n<p>At the time of writing, a government-associated <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/entity\/usg\">address<\/a> holds 213,546 BTC valued at nearly $13 billion.<\/p>\n<p>Previously, Bitcoin Magazine CEO David Bailey accused the US of squandering bitcoins. He claimed the country&#8217;s initial cryptocurrency reserves should have exceeded 400,000 BTC, but instead, Democrats sold a significant portion of the assets at a low price.<\/p>\n<p>In January, the United States <a href=\"https:\/\/u1f987.com\/en\/news\/us-government-to-gain-115-million-from-sale-of-silk-road-linked-2875-btc\">announced<\/a> plans to sell 2,875 BTC seized from Silk Road darknet marketplace drug traffickers Ryan Farace and Shaun Bridges.<\/p>\n<p>In early April, a wallet controlled by US authorities <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-sales-from-silk-road-and-ethereums-quarterly-earnings-a-crypto-market-analysis\">initiated a transfer of ~2,000 BTC<\/a> to a Coinbase Prime address.<\/p>\n<p>Recently, the transfer followed the sale of 595.3 BTC worth ~$36.65 million by the German government. These coins were reportedly <a href=\"https:\/\/u1f987.com\/en\/news\/german-authorities-seize-nearly-50000-btc-from-pirates\">seized<\/a> by law enforcement in January from administrators of the pirate movie site Movie2k.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On June 26, a cryptocurrency wallet associated with the US government transferred 3,940 BTC (approximately $240 million) to the exchange Coinbase Prime, according to analysts at Arkham Intelligence. Update: US Government Sends $240M BTC to Coinbase Prime The US Government just moved 3,940 BTC ($240M) to Coinbase Prime. This BTC was originally seized from narcotics [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,26],"class_list":["post-14743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=14743"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14742"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}