3940 BTC TRANSFER TO COINBASE BY US GOVERNMENT

The US government transferred 3940 BTC to Coinbase.

🇺🇸 The US government's wallets moved 3940 BTC ($241 million) to Coinbase.

🔎 Arkham Research reports that these bitcoins were seized from an Indian citizen, Banmit Singh, who in 2024 pleaded guilty to distributing controlled substances and money laundering.

👀 Currently, the confiscated BTC is also periodically sold by the government of Germany.

According to CryptoQuant, these amounts are deemed insufficient to impact the market significantly, as only Coinbase Prime processes volumes that are orders of magnitude larger. 🧐

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