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According to allegations in a last-minute development, the US government transferred 4,000 BTC of the previously confiscated Bitcoins to Coinbase.
The funds in question were first seized from Banmeet Singh.
Banmeet Singh, 40, who was extradited from the United Kingdom in March 2023, pleaded guilty to money laundering and another charge in a federal court in Ohio.
The U.S. Attorney's Office for the Southern District of Ohio stated that this is believed to be the “largest single cryptocurrency financial seizure in DEA history.”
Authorities said the seized Bitcoins were worth at least $150 million at the time. According to the plea agreement, Singh transferred a total of approximately 8,100 BTC to the US government.
*This is not investment advice.