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.
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.
According to data site Bitcoin Treasuries, the U.S. government currently possesses 213,546 BTC, 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.
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