PeckShield reports that $13.7 million worth of Bitcoin (237 BTC at the time) has been transferred from a U.S. government wallet associated with BTC seizures to a new address.
To date, U.S. law enforcement authorities have not officially commented on this transaction. In recent months, the United States government has disclosed several BTC transactions, initiated after gaining authorization to manage seized tokens.
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These transactions have sparked market speculation among analysts, who believe that the movement of BTC to exchanges could potentially impact the cryptocurrency’s price negatively.
In addition, on June 26, the U.S. government transferred 3,940 BTC valued at just over $243 million at the time to Coinbase. Analysts from Arkham Intelligence and on-chain investigator Zachxbt traced these transactions, noting that the BTC were confiscated from Banmit Singh, a drug dealer who pleaded guilty on January 26 to charges of conspiracy to launder money and intent to distribute controlled substances.
Currently, it is known that the U.S. government holds over 210,000 BTC valued at $13 billion. The community believes these transfers are part of efforts by U.S. law enforcement agencies to reduce their holdings of cryptocurrencies.
