The German government has resumed liquidating its seized Bitcoin (BTC) assets, sparking concerns about further price declines in the cryptocurrency market.
Recently, a cryptocurrency wallet labeled “German Government (BKA)” transferred 400 BTC, worth about $25 million, to cryptocurrency exchanges Coinbase (NASDAQ: COIN) and Kraken. Additionally, 500 BTC (over $30 million worth) was moved to an unknown address, a wallet labeled “139Po,” according to Arkham Intelligence.
Notably, this isn’t the first interaction between the German government and the “139Po” wallet. Previous transactions include 800 BTC sent on June 20 and 500 BTC on June 19.
German government BTC transfers. Source: Arkham Intelligence
Despite these sales, the wallet still holds 46,359 BTC, valued at approximately $2.8 billion.
These Bitcoin assets were initially seized from the movie piracy website Movie2k.to in January 2020, marking the largest Bitcoin seizure by German law enforcement
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