US Government Moves Almost 4K BTC to Coinbase

The United States government yesterday transferred a total of 3,940 Bitcoin to a Coinbase Prime wallet, as revealed by onchain data from Arkham Intelligence.

This transaction, which occurred at 5:00 pm UTC, consisted of Bitcoin that had been confiscated from convicted drug trafficker Banmeet Singh.

Singh was arrested by British authorities in London in 2019 on charges related to drug distribution. He was later extradited to the United States in 2023.

According to the US Department of Justice, Singh had been involved in a narcotics smuggling network from 2012 to 2017, with distributors located in various states including Maryland, New York, North Dakota, Washington, Ohio, North Carolina, and Florida.

As part of Singh’s sentencing, he was ordered to surrender over 8,100 Bitcoin to US authorities. This amount was estimated to be worth around $150 million at the time.