Germany is offloading a significant amount of Bitcoin (BTC) that it confiscated during an investigation into an illegal movie streaming site.
According to blockchain analytics firm Arkham, the German government has transferred over $195 million worth of Bitcoin to six crypto exchanges, including Coinbase, Kraken, and Bitstamp in the last two days.
Despite this massive transfer, Germany still holds over 47,179 BTC valued at $3.06 billion.
The Bitcoin being sold was seized by law enforcement authorities during their probe into Movie2k.to. The now-defunct streaming site was accused of distributing more than 880,000 pirated films between 2008 and May 2013.
The Dresden Public Prosecutor’s Office revealed that the operators of the site used the proceeds from their illegal activities to purchase Bitcoin.
This Bitcoin seizure is the largest of its kind in Germany to date, with nearly 50,000 BTC valued at $2.17 billion initially confiscated. The current value of the seized assets is estimated at $3.25 billion.
For the latest updates, subscribe to receive email alerts directly to your inbox and follow us on social media. Remember to do your own research before making any investment decisions in Bitcoin, cryptocurrency, or digital assets. Trading and transfers are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not provide investment advice or recommendations on buying or selling cryptocurrencies. Please be aware that affiliate marketing is used on The Daily Hodl website.
Generated Image: Midjourney
