Summary:
The German government has sold off all the bitcoins it seized from Movie2K, a defunct film piracy website.
The government's crypto wallet reached a zero balance on Friday after transferring thousands of bitcoin to exchanges like Kraken, Bitstamp, and Coinbase.
Arkham Intelligence tracked the transfers, revealing the final transfer involved 3846.05 BTC ($223.81 million) to Kraken.
The government's decision to sell the seized bitcoins sparked debate among German lawmakers, with some arguing for holding onto the assets.
The 50,000 bitcoins seized by Germany were estimated to be worth over $2 billion at the time.
German Government Empties Bitcoin Wallet After Seizing $2 Billion from Movie Piracy Site
The German government has apparently finished selling off the 50,000 bitcoins it seized from the now-defunct film piracy website Movie2K in January. On Friday, the government's crypto wallet reached a zero balance after transferring thousands of bitcoin to various exchanges and market makers.
Arkham Intelligence, an on-chain analytics firm, has been closely tracking these transfers. They reported that the final transfer involved 3846.05 BTC ($223.81 million) to Kraken. Earlier in the day, the wallet also sent bitcoins to Bitstamp, Coinbase, B2C2 Group, Cumberland DRW, and an unlabeled over-the-counter (OTC) service address.
This sell-off was expected after the German government announced its intention to dispose of the confiscated bitcoins. However, at least one German lawmaker voiced disagreement with the plan, arguing that the government should hold onto the crypto assets instead of selling them.
The value of the 50,000 bitcoins seized by Germany was estimated at over $2 billion at the time of the confiscation. This event has sparked debate about the role of governments in handling confiscated crypto assets.
Comments