Lookonchain experts said that the sale of the first cryptocurrency was carried out from a cryptocurrency trim, which was marked as “German Government (BKA)” and is associated with the removal of bitcoins in the framework of the criminal case to suppress the activities of pirate video hosting Movie2k.
The transactions were made from June 19 to July 12, 2024. The Saxony Prosecutor General’s Office stated that the operation was “urgent in nature” and, in accordance with the provisions of the German Code of Criminal Procedure, the department was obliged to sell bitcoins in order to avoid significant losses due to the volatility of cryptocurrency.
“According to general practice, the objects that were confiscated in criminal cases must be sold – if there is a threat of their damage or a significant reduction in value. At the same time, the revenue from the sale replaces the sold item, ”the Saxony prosecutor’s office explained.
According to Lookonchain, Movie2k 49 858 bitcoins were sold at an average price of $ 57,600 per coin. The platform experts calculated that the German authorities helped out about $ 2.87 billion from the sale of bitcoins. However, if Germany withheld these assets before the end of May 2025, then the cost of coins could double and amount to about $ 5.34 billion
Earlier, the analysts of the ARKHAM Intelligence platform reported that, due to the early sales of confiscated cryptiates, Germany lost the status of Bitcoin billionaire.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
