PeckShield reports that Bitcoin valued at $137,000 (equivalent to 237 BTC at the time) has been transferred from a US government wallet holding seized BTC to a new address. To date, US law enforcement agencies have not published an official statement regarding this transaction. Over the past few months, the US government has reported several transactions with BTC. These activities began after the government was authorized to manage the seized tokens.
237 BTC (worth ~$13.7m) from a wallet related to US Government law enforcement seizures has been transferred to a new address bc1qvc…n257
– PeckShieldAlert (@PeckShieldAlert)
July 4, 2024
The aforementioned transactions have sparked market speculation among analysts who believe that moving BTC to exchanges could negatively impact the price of the cryptocurrency itself.
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Furthermore, on June 26, the US government transferred 3,940 BTC valued at just over $243 million at that time to Coinbase. Analysts from Arkham Intelligence and on-chain investigator Zachxbt tracked these transactions, noting that the BTC had been confiscated from Banmit Singh, a drug dealer who pleaded guilty on January 26 to charges of conspiracy to engage in money laundering and intent to distribute controlled substances.
It is currently known that the US government owns over 210,000 BTC worth $13 billion. The community believes that these transfers are part of the efforts of US law enforcement to reduce their holdings of crypto assets.
