- The German authorities has bought greater than $195 million price of Bitcoin seized from the operator of a pirate film web site.
- The Federal Felony Workplace (BKA) has seized a complete of fifty,000 Bitcoin from Movie2k.to, a movie piracy web site that was energetic in 2013.
- The federal government nonetheless holds $3.05 billion price of Bitcoin.
Germany's Federal Felony Workplace (BKA) has bought over $195 million price of Bitcoin seized from a pirate film web site in January 2024, in line with a current report. This marks a big transfer for the company, which is reportedly turning a part of its largest cryptocurrency seizure thus far into money.
Crypto journalist Laura Shin shared particulars of BKA’s large Bitcoin sale in a submit on X. In keeping with her submit, the German authorities is promoting off the gathered Bitcoin from what’s reportedly its largest cryptocurrency seizure.
In keeping with knowledge from Arkham Intelligence, BKA started promoting Bitcoin on June 19, transferring $600 million price of BTC, of which $130 million was despatched to exchanges corresponding to Kraken and Bitstamp. The next day, the staff transferred one other $65 million price of Bitcoin to Coinbase.
In February 2024, Arkham Intelligence reported that German authorities had seized 50,000 Bitcoins, price roughly $2.12 billion on the time. Arkham revealed that the Bitcoins had been seized from Movie2k.to, a film piracy website that operated in 2013.
The federal government reportedly uncovered that web site operators had been making large-scale BTC purchases utilizing income from promoting and subscription revenues. One of many operators voluntarily transferred 50,000 Bitcoin to a BKA-affiliated pockets, however it was not clear on the time whether or not the federal government would promote it.
On the time of writing, the federal government nonetheless holds $3.05 billion price of BTC. If the federal government continues to dump the remaining BTC, it’s attainable that bigger gamers within the trade might take benefit.
Crypto analyst Daan Crypto Trades noticed a big drop in Bitcoin's worth on the time of the federal government's Bitcoin switch. Whereas BKA moved $425 million out of a complete of over $3 billion, Bitcoin's worth dropped by $500. On the time of writing, Bitcoin was buying and selling at $64,713, a each day drop of 0.63% and a weekly drop of two.94%.
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