BTCUSDT: German Government Agency Transfers $425M in Bitcoin, Some to Crypto Exchanges
The German Criminal Police office seized the 50K Bitcoin worth of $2 Billion from the Movie2K. com Film piracy website due to suspects, then the concern company voluntary transfer to German Government officials account. Now German Government is going to sell in the Future, So Partial Bitcoin is transferred in the Kraken, and other important Crypto website to sell this bitcoin as early as possible.
A German government agency recently executed a significant transfer of $425 million worth of bitcoin (BTC), according to transactional data analyzed by Arkham. The funds were moved from a wallet previously identified as belonging to the German Federal Criminal Police Office (BKA). The transaction involved transferring 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and subsequently returning some of the bitcoin to the original wallet. Additionally, a portion of approximately $32 million worth of bitcoin each was deposited into crypto exchange wallets for Kraken and Bitstamp.
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Arkham’s CEO, Miguel More, indicated that around $130 million in BTC was moved to “service wallets,” typically indicative of an intent to sell the cryptocurrency in the near future. This move suggests strategic financial planning or market positioning by the German entity.
The BKA had previously seized nearly 50,000 BTC, valued at over $2 billion at the time, from the operators of Movie2k.to, a now-defunct film piracy website active in 2013. This recent transaction comes after the bitcoin was transferred to the BKA in mid-January following what was described as a voluntary transfer from the suspects involved.
The movements of such large sums of bitcoin by governmental entities highlight the evolving landscape of cryptocurrency management and utilization by official bodies, often involving considerations of financial strategy and regulatory compliance.
BTCUSDT: Bitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC
The German Criminal Police Office confiscated 50,000 bitcoins, valued at $2 billion, from the Movie2K.com website linked to film piracy. The bitcoins were seized from suspects and later voluntarily transferred to accounts controlled by German government officials. Presently, there are plans for the German government to sell a portion of these bitcoins in the future. To facilitate this, a significant quantity of bitcoins has been moved to cryptocurrency exchanges such as Kraken and other major platforms. This strategic move aims to expedite the sale of the bitcoins, demonstrating the government’s proactive approach to managing seized assets and potentially mitigating market effects through carefully planned transactions.
Bitcoin (BTC) recently experienced a significant drop to a one-month low of $64,000, raising apprehensions among bullish investors about potential selling pressures and the possibility of revisiting lower support levels.
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Adding to these concerns is the revelation that a wallet associated with the German police has transferred $425 million worth of BTC to cryptocurrency exchanges, as reported by on-chain data firms. This development has sparked speculation regarding the intentions of the agency and its potential impact on the market dynamics.
The cryptocurrency data analytics firm Arkham observed a substantial transaction involving a wallet labeled “German Government (BKS)” on Wednesday. This wallet, which had held more than 50,000 BTC since January 2024, moved 6,500 BTC (equivalent to $425 million) to a new address. A portion of these funds was subsequently sent to prominent exchanges such as Kraken and Bitstamp.
This movement follows the significant seizure of 50,000 BTC earlier in January, hailed as Germany’s largest cryptocurrency seizure to date. The BTCs were seized by German authorities, with suspects voluntarily transferring them to official wallets managed by the German Federal Criminal Police Office (BKA). Currently, the government-controlled wallet holds 43,350 BTC valued at over $2.8 billion.
Crypto analyst Daan Crypto Trades suggested that the transfer of BTC from the German government’s wallet to exchanges might have contributed to the emergence of short positions and a slight decline in Bitcoin’s price during Wednesday’s trading session. This action has raised concerns among market participants about potential selling pressure and its implications for Bitcoin’s price trend moving forward.
BTCUSDT: The tagging of an “Arkham” wallet associated with Germany has indeed sparked curiosity.
The German Criminal Police Office seized 50,000 bitcoins valued at $2 billion from the Movie2K.com film piracy website due to suspected criminal activity. Subsequently, the suspects voluntarily transferred these bitcoins to accounts controlled by German government officials. Now, there are indications that the German government plans to sell a portion of these bitcoins in the future. As part of this strategy, a significant amount of bitcoin has been transferred to cryptocurrency exchanges like Kraken and other major platforms with the intention of selling them at the earliest opportunity. This move underscores the government’s proactive approach to managing seized assets and potentially mitigating market impact through structured sales.
A crypto wallet identified as “German Government (BKA)” by the onchain analytics firm Arkham has initiated Bitcoin transactions on June 19, stirring interest within the cryptocurrency community. Speculation suggests these movements indicate the German government may be in the process of selling its BTC holdings.
Arkham data reveals that this government-associated wallet had accumulated nearly 50,000 bitcoins since February 2024. On June 19, it executed several transactions, including the transfer of approximately 6,500 BTC, valued at over $425 million, to the wallet address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd.” Another transaction involved moving 2,500 BTC, worth $154 million, back to its own address.
Following these transfers, the wallet address “bc1qq0l4jgg9rcm3puhhfwaz4c9t8hdee8hfz6738z” received 6,500 BTC and subsequently divided these funds into four transactions of 500 BTC each. Two of these transactions were directed to crypto exchanges Kraken and Bitstamp, while the others were sent to undisclosed private addresses.
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As of now, the labeled German government wallet retains 43,359 BTC, valued at approximately $2.83 billion. While not all transferred bitcoins were liquidated, the community has speculated on the potential market impact of such substantial sales.
It’s common practice for governments globally to seize Bitcoin and other digital assets from criminal activities, subsequently organizing auctions to sell confiscated crypto holdings. An example includes the United States government’s auction of bitcoins seized from the Silk Road dark web marketplace, where notable figures like Tim Draper participated by acquiring BTC at auction in 2014 through the U.S. Marshals.
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