According to the online intelligence platform Arkham Intelligence, a cryptocurrency wallet marked as controlled by the US government transferred approximately 3940 (worth $241 million) to Coinbase exchange on Wednesday, the 26th. wallet currently holds around $13.3 billion worth of bitcoins.
According to Arkham these 3,940 bitcoins were originally seized from a drug dealer named Banmeet Singh In a press release issued by the US Department of Justice in April of this year, it was noted that Singh was sentenced to five years in prison for controlled substances on several dark web markets including Silk Road, Alpha Bay, and Hansa He was also ordered to forfeit about $150 million in criminal proceeds.
The wallet with the US government revealed earlier in April that it had transferred 30,175 bitcoins approximately $20 billion to Coinbase. One transaction sent 0.001 BTC which is by the market as a possible test transaction for subsequent large transfers and sales.
As bitcoin continue to decline recently, some bearish events have caught market attention including an announcement from.Gox exchange’s trustee declaring repayments starting early July and a cryptocurrency wallet tagged as to the German government has been gradually transferring large amounts of bitcoins to exchanges.
