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International Business Times
International Business Times
Business
Marvie Basilan

US Government-Linked Wallet Moves $241M Bitcoin Seized From Narcotics Trafficker To Coinbase

Bitcoin United States Crypto Arkham Intelligence Arkham
A digital wallet linked to the U.S. government moved millions worth of seized Bitcoin to Coinbase Prime. (Credit: Jernej Furman/flickr.com)

KEY POINTS

  • Singh allegedly facilitated crypto payments in his sales of various controlled substances, including fentanyl
  • The drug trafficker pled guilty earlier this year and had to forfeit millions in various cryptocurrencies
  • The government-linked wallet also moved seized WBTC worth over $1 million earlier this month

A digital wallet tagged by blockchain intelligence and analytics firm Arkham Intelligence and associated with the U.S. government has moved nearly 4,000 Bitcoins to Coinbase Prime, triggering a wave of discussions on X (formerly Twitter) regarding the transfer, considering how the German government recently dumped hundreds of millions worth of Bitcoin.

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