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Exchanges Return 5,315 BTC to Germany

A number of major cryptocurrency exchanges have returned 3,623 BTC to an address belonging to Germany’s Federal Criminal Police Office (BKA), according to data Arkham IntelligenceAt the time of writing, this volume of assets is estimated at $208 million.

According to available information, three exchanges at once returned the first cryptocurrency to the German government, which was previously sent to their accounts from the BKA address. We are talking about the companies Kraken, Coinbase and Bitstamp.

Update: Bitstamp sent another 1,692 BTC to the BKA wallet. At the same time, the German authorities also transferred 400 BTC to the Kraken cryptocurrency platform again. In addition, another 2,500 BTC were withdrawn from the government address to an address allegedly associated with the B2C2 Group.

According to experts, the return of assets to the government means that they did not reach the market. Against the backdrop of this news, the bitcoin rate partially regained its positions, breaking the level of $ 57,000, according to TradingView.

Analysts also believe that the reverse sending of bitcoins is connected with the impossibility of selling the first cryptocurrency in the price range specified by the government.

At the same time, some of the companies to which the German government had previously transferred assets did not return them. We are talking about the Flow Traders and B2C2 Group platforms, which together received over 12,000 BTC from the BKA address.

On July 8, 2024, German authorities continued to withdraw the first cryptocurrency from their account, seized in connection with the funds’ involvement in criminal schemes. Over the past 24 hours, 4,000 BTC worth about $229 million were sent from the BKA address to cryptocurrency exchanges and unidentified wallets.

According to the Arkham platform, the German government still controls 38,826 BTC, which is valued at $2.23 billion. The crypto community fears that the authorities’ attempt to sell this amount of the asset through centralized exchanges will lead to significant pressure on the price of Bitcoin.

Bundestag member Joana Kotár has sharply criticized the government’s decision to sell a significant portion of bitcoins. The sale of assets seized by the Federal Criminal Office (BKA) is counterproductive, the official noted.

Justin Sun, an adviser to the HTX crypto exchange (formerly Huobi) and the founder of the TRON project, did not stand aside. He stated that he was ready to negotiate with the German government and buy out the entire volume of bitcoins from it.

It should be noted that earlier, representatives of the analytical company Santiment reported a historical level of FUD on crypto forums.

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Source: Cryptocurrency

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