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According to Arkham report, the US government holds over $13.83 Billion worth of Bitcoin and periodically sells portions of its crypto holdings.
The US government currently holds around $13.83 Billion worth of Bitcoin (BTC) from the seizure of assets. Banmeet Singh’s illegal activities on the dark web, Bitfinex Hack, and James Zhong Seizure are some main fraudulent acts uncovered.
The US government collected a giant amount of BTC from such Seizure.
US Government’s Total Holding In BTC
Blockchain analytics firm Arkham reported that the U.S. government’s BTC assets have surged to 216.788 BTC, valued near $13.83 Billion. These figures are linked to the recent seizure of funds from Banmeet Singh, an Indian citizen convicted of dark web-related drug trafficking.
At the press time, BTC was trading at $63,666.71, after an intraday surge of 0.05% with a market cap of $1,253,929,803,455 and $26,724,819,451 in 24-hour volume. Last month, BTC declined by 8.35% amid BTC halving and volatility in the crypto market.
Arkham took on the social media platform X to announce the same.
$250M of BTC seized by the US Government is now on Arkham.
— Arkham (@ArkhamIntel) May 7, 2024
The US Government acquired 3.94K BTC from narcotics trafficker Banmeet Singh, forfeited at trial in January 2024. pic.twitter.com/dCwyvT9gZl
“$250 Million of BTC seized by the US Government is now on Arkham. The US Government acquired 3.94K BTC from narcotics trafficker Banmeet Singh, forfeited at trial in January 2024.”, tweeted Arkham.
Singh sacrificed around $150 Million from illegal activities, and authorities seized his 3940 BTC, now worth about $250 Million.
The seizure has notably boosted the U.S. BTC reserves, which were previously estimated at $8 Billion and involved a significant amount from criminal penalties. As of October 2023, the U.S. held BTC assets valued at approximately $5.3 Billion.
What Dune’s Data Say About US BTC Holdings?
Dune, a blockchain analytics firm also revealed a separate report on the US government’s BTC holdings. As per the report, the government collected around 200K tokens from different hacks and fraudulent acts since 2020.
Total BTC seized by Entity I Source: Dune
The government gathered over 69,369 BTC from the Silk Road Seizure in November 2020, 94,643 BTC from January 2022’s Bitfinex Hack Seizure, and over 51,326 BTC from March 2022’s James Zhong Seizure.
In short, the US government has over 164,013 BTC balances worth $6,904,156,368.
In addition to this, the US government also periodically sold a specific portion of crypto holdings. The legislative body sold over 10K BTC in March 2023, linked to the Silk Road case.
The US government also owns a significant portion of Ethereum (ETH) as well as other assets like USDT and USDC, totaling $200 Million.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
