German Authority Transfers $286M BTC to Crypto Exchanges

IconCryptoNewsTerminal Staff11 Jul, 2024

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German Authority Transfers $286M BTC to Crypto Exchanges

The German government has recently transferred another 5,000 BTC to several cryptocurrency exchanges, including Coinbase and Kraken. This transaction, valued at approximately $286 million, marks a significant movement of seized funds from the German government's recent confiscation of BTC from the movie piracy site Movie2k.to. The total amount of BTC transferred by the German authorities to exchanges and market makers on that day has reached 10,627 BTC. Following the transfers, the German government now possesses approximately 4,925 BTC, which represents 9.9% of the total BTC seized during the Movie2k.to raid in January. This movement of funds to prominent exchanges and market makers suggests that the German government may be preparing to sell the seized BTC, potentially impacting the cryptocurrency market.

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