The blockchain analytics firm Arkham has identified the specific Bitcoin address holding nearly 4,000 BTC worth around $251 million at today’s prices, as reported by Wu Blockchain. This sizeable crypto fortune was seized by U.S. authorities from Banmeet Singh, a Canadian drug trafficker convicted in January 2023 of running a dark web narcotics operation.
The discovery by Arkham’s researchers confirms that the 3,942 bitcoins traced to Singh’s illicit activities are now under the control of the U.S. government. The funds represent a significant addition to the over 216,000 BTC, currently valued at $13.8 billion, held in the U.S. government’s crypto stockpile obtained predominantly through seizures of criminal assets.
Arkham has identified the address of 3.94K BTC (worth about $251 million) that the U.S. government seized from drug dealer Banmeet Singh during a trial in January this year. The U.S. government's holdings have now expanded to 216.788k BTC, worth about $13.82 billion, most of…
— Wu Blockchain (@WuBlockchain) May 7, 2024
Singh, known by his online alias “mohalipranav,” operated a vendor account on dark web markets like Silk Road to distribute narcotics and launder his crypto profits. His prolific drug running lasted from 2015 to 2019 before he was finally apprehended by law enforcement in 2021.
The $251 million Singh forfeited marks one of the largest singular seizures of criminally derived cryptocurrency by U.S. authorities to date. As adoption of digital assets like Bitcoin grows across both licit and illicit domains, blockchain forensics companies like Arkham play a critical role in assisting regulators to track and recover crypto-fueled crime proceeds.
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Show more +The unmasking of Singh’s bitcoin wallet also offers a window into the opaque but immense crypto stockpile held by the U.S. government, which continues expanding through seizures tied to the dark web’s multibillion-dollar illegal economies.
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