Data from Arkham Intelligence indicates the Bitcoin was seized from Banmeet Singh, a convicted drug dealer, during his January 2024 trial.
The United States government sent 3,940 Bitcoin to a Coinbase Prime wallet on June 26, 2024, on-chain data from Arkham Intelligence revealed.
According to Arkham Intelligence, the transaction took place at 17:00:41 UTC and involved Bitcoin (BTC) seized from convicted drug trafficker Banmeet Singh earlier this year.
In 2019 Singh was arrested by British authorities in London on drug distribution charges and eventually extradited to the United States in 2023.