Germany has announced the successful sale of nearly 50,000 bitcoins, generating $2.88 billion.
This sale is part of a larger effort to offload cryptocurrency assets seized from the now-defunct film piracy website, Movie2K.
Between June 19 and July 12, 2024, the Federal Criminal Police Office coordinated the sale of approximately 49,858 bitcoins, netting 2.6 billion euros.
This operation drew significant attention, with Arkham Intelligence closely monitoring the wallet associated with the German government.
By last Friday, the balance of Germany’s crypto wallet had reached zero.
The decision to sell these assets was driven by legal requirements to prevent significant value loss, which could exceed ten per cent.
“The sale of valuable items before the conclusion of ongoing criminal proceedings is always legally required when there is a risk of a significant loss in value,” authorities explained.
While the Movie2K case is still ongoing, the urgent need to mitigate potential losses necessitated the sale. Germany utilized several major exchanges, including Bitstamp, Kraken, and Coinbase, to facilitate the transaction.
