United States Government Sends Bitcoin to Coinbase Prime Wallet on June 26, 2024

The United States government executed a transaction on June 26, 2024, transferring 3,940 Bitcoin to a Coinbase Prime wallet, as per data from Arkham Intelligence. This transfer took place at 17:00:41 UTC and involved Bitcoin seized from a convicted drug trafficker named Banmeet Singh earlier in the year. Banmeet Singh, who was arrested in London in 2019 on drug distribution charges, was later extradited to the United States in 2023. The United States Department of Justice alleged that Singh operated a narcotics smuggling network from 2012 to 2017, spanning multiple states including Maryland, New York, North Dakota, Washington, Ohio, North Carolina, and Florida. As part of the legal proceedings, Singh was compelled to surrender over 8,100 Bitcoin to U.S. authorities valued at $150 million at the time. This act was considered the largest cryptocurrency seizure by the United States Drug Enforcement Agency (DEA). In April 2024, Singh received a 5-year prison sentence but was released shortly afterwards and planned to return to India.