German Government Transfers $425 Million Worth of Bitcoin: Will They Sell? CEO Responds
In a significant development today, a German government agency has transferred $425 million worth of Bitcoin (BTC) from cryptocurrency wallets believed to be owned by them. The transaction involved sending some of the Bitcoin to deposit wallets on crypto exchanges and returning some to the original wallet.
The wallet address, previously identified as belonging to the German Federal Criminal Police Office (BKA), moved 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and then back to itself. Transaction data reveals that approximately $32 million worth of Bitcoin was deposited on the crypto exchange Kraken and a similar amount on Bitstamp.
Miguel More, CEO of Arkham, reported via Telegram that the organization has moved $130 million worth of BTC into “service wallets,” which typically indicates an intention to sell in the near future.
It is worth noting that BKA had previously seized approximately 50,000 BTC, valued at over $2 billion at the time, from the operators of Movie2k.to, a pirated movie site that was active in 2013. The Bitcoin was received by BKA in mid-January following a voluntary transfer from the suspects.
Please note that this article does not provide investment advice.
