German Government Transacts 3,133 BTC: Breakdown of Transfers

IconCryptoNewsTerminal Staff08 Jul, 2024

cryptonews.jpg

German Government Transacts 3,133 BTC: Breakdown of Transfers

The German government has moved 3,133 BTC worth approximately $170 million off various cryptocurrency exchanges, blockchain analytics firm Arkham Intelligence (ARKM) reported. The transfers, which occurred within the past hour, were distributed as follows: - 300 BTC ($17.13 million) sent to Coinbase - 1,000 BTC ($57.08 million) transferred to cryptocurrency market maker Flow Traders - 300 BTC ($17.13 million) sent to Bitstamp - 150 BTC ($8.57 million) moved to an unknown address beginning with bc1qu - 150 BTC ($8.57 million) sent to Kraken - 1,000 BTC ($57.08 million) sent to B2C2, a London-based liquidity provider with an address beginning with 139PoP The reasons behind the government's decision to move these funds off exchanges remain unknown. However, this is not the first time a government has engaged in such transactions. In the past, institutions and governments have utilized cryptocurrency exchanges for liquidity, making large transfers between exchanges and external entities. This article will be updated with any new information that becomes available.

Related News