First US Government Bitcoin Transfer Worth $240M Made To Coinbase Prime

Key Points:

• The US government recently transferred 3,940 Bitcoins, worth about $240 million, seized from a convicted trafficker, Banmeet Singh, to Coinbase Prime.
• The US government still holds Bitcoins worth about $13 billion, as per Arkham data.

US government Bitcoin transfer of 3,940 BTC ($240M) to Coinbase Prime was seized from narcotics trafficker Banmeet Singh. Remaining Bitcoins held are worth $13B.

Blockchain analytics firm Arkham recently reported that the US government transferred 3,940 Bitcoins to Coinbase Prime. The BTC, which was valued at approximately $240 million at the time, was seized from a convicted narcotics trafficker named Banmeet Singh, and the forfeiture followed a trial in January 2024.

US Government Bitcoin Transfer to Coinbase Prime

Banmeet Singh, through the joint enterprise with his brother Parvinder Singh and others, was an international drug trafficking organization operator known as the Singh DTO.

According to sources, they used dark web vendor market sites, hundreds of advertisements across clear websites, and a network of narcotics and controlled substance distributors to sell drugs—their operation spread throughout the U.S., the U.K., and various European nations.

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Arkham’s Data on Remaining Bitcoins Held by the US Government

The global dark web enterprise of Banmeet Singh was reportedly notorious for shipping volumes of fentanyl and other dangerous drugs into communities across America, Canada, Europe, and the Caribbean.

Arkham data shows that the remaining Bitcoins the US Government holds are worth approximately $13 billion.