German Government BTC Sale: Public Prosecutor's Office Responsible

IconCryptoNewsTerminal Staff09 Jul, 2024

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German Government BTC Sale: Public Prosecutor's Office Responsible

The recent sale of Bitcoin (BTC) from an address labeled as "German authorities" has been clarified. According to Lennart Ante, co-founder of blockchain research lab Blockresearch in Germany, the address actually belongs to the German Federal Police (BKA) on behalf of the public prosecutor's office of Saxony. This sale is part of a common procedure, where the public prosecutor's office disposes of seized assets within a certain time frame. Additionally, assets may be sold if their value is falling or they are difficult to store. The German government-labeled address has recently sent large amounts of BTC to centralized exchanges and market makers. It's important to note that the address does not belong to the German federal government but to a small state in the eastern part of Germany called Saxony.

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