Today, a German government agency executed a significant transfer of $425 million worth of bitcoin (BTC), as reported by Arkham data. The wallet involved, previously linked to the German Federal Criminal Police Office (BKA), initiated movements totaling 6,500 BTC. Transactions included transfers to and from various addresses, notably routing $32 million each to crypto exchanges Kraken and Bitstamp.
According to Arkham CEO Miguel More, approximately $130 million in BTC was directed to “service wallets,” a move typically associated with potential sales in the near future.
This action follows the BKA’s seizure of nearly 50,000 BTC from operators of Movie2k.to, a piracy website operational in 2013. The bitcoin, valued at over $2 billion at the time, was voluntarily transferred to the BKA in mid-January.
The recent transactions underscore a dynamic shift in the handling of seized digital assets by law enforcement agencies, reflecting evolving strategies in asset management and potential liquidation within the cryptocurrency market.
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