Germany’s government has been seen transferring a significant amount of Bitcoin to cryptocurrency exchanges as BTC attempts to recover from the $60,000 level.
According to the blockchain “de-anonymizing” platform Arkham, the German government’s Bitcoin wallet has moved a total of 900 BTC in the last 24 hours.
Arkham’s data shows that the German wallet sent 200 BTC to crypto exchange Kraken, and an additional 200 coins to Coinbase. Additionally, 500 BTC were sent to an address beginning with “139PoPE,” potentially another exchange wallet but currently an unknown entity.
Earlier this month, Arkham reported that the German government moved over $195 million worth of Bitcoin to six crypto exchanges, including Coinbase, Kraken, and Bitstamp over a two-day period.
The BTC being sold by Germany is from authorities seizing it while investigating Movie2k.to, a now-defunct illegal streaming site that was accused of distributing more than 880,000 pirated films between 2008 and May 2013.
The Dresden Public Prosecutor’s Office stated that the operators of the site purchased Bitcoin using the proceeds of their illicit activities.
The Bitcoin seizure in connection with the investigation is the largest of its kind in Germany to date, with police confiscating nearly 50,000 BTC worth $2.17 billion at the time.
At the time of writing, Bitcoin is trading at $61,510.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
