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By Mark Hunter
17 hours agoThu Jun 27 2024 08:09:19
Reading Time: 2 minutes
Around $240 million worth of BTC seized from a dark web vendor have been sent to Coinbase, causing Bitcoin’s price to drop
3,940 bitcoins have been transferred from a US Government wallet to Coinbase Prime, raising trader concerns about a potential mass sale
The seized bitcoins belonged to Rajat Singh, who operated a multimillion-dollar drug enterprise moving hundreds of kilograms of controlled substances in the US
Around $240 million worth of BTC seized from a convicted dark web marketplace vendor have been sent to Coinbase, fueling a drop in the price of Bitcoin. 3,940 bitcoins were sent to Coinbase Prime from a US Government-tagged wallet, raising concerns among traders about a mass sale impacting the digital asset market. The coins were seized from Rajat Singh, whose operation moved hundreds of kilograms of controlled substances throughout the United States, establishing a lucrative multimillion-dollar drug enterprise.
First Sale for More Than a Year
The move was revealed by Arkham Intelligence, which alerted the crypto world to the potential sale:
Update: US Government Sends $240M BTC to Coinbase Prime
The US Government just moved 3,940 BTC ($240M) to Coinbase Prime.
This BTC was originally seized from narcotics trafficker Banmeet Singh, and forfeited at trial in January 2024.
Transaction: https://t.co/hZ1CwqWCmF pic.twitter.com/9t6k8Wdizq
— Arkham (@ArkhamIntel) June 26, 2024
The government previously moved approximately $2 billion worth of bitcoin in April 2023, exerting significant pressure on digital markets, although the most recent publicized sale occurred in March 2023, when it sold 9,861 coins for $216 million.
Singh, 40, from Haldwani, India, was arrested in April 2019 after admitting to being a vendor on notorious dark web platforms like Silk Road, Alpha Bay, and Hansa. Singh sold various controlled substances, including fentanyl, LSD, ecstasy, Xanax, Ketamine, and Tramadol. As part of a plea deal, Singh forfeited $150 million in cryptocurrencies and faces up to eight years in prison.
Five-year Campaign to End in Prison
Singh’s illicit activities began in mid-2012, coinciding with the rise of Silk Road. He managed the shipment of controlled substances from Europe to the United States using US mail and other shipping services. His operation ran until July 2017, with Singh overseeing at least eight distribution cells across states such as Ohio, Florida, North Carolina, Maryland, New York, North Dakota, and Washington.
Singh was arrested by officers from the UK’s National Crime Agency in April 2019 on a US arrest warrant, with all his electronic devices seized. The United States secured his extradition in 2023, and after pleading guilty to charges including conspiracy to possess with intent to distribute controlled substances and conspiracy to commit money laundering, Singh now faces an agreed-upon sentence of eight years in prison.
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