Recently, crypto news reported on a spectacular case involving the gigantic seizure of 50,000 Bitcoin (BTC) by the German government. Arkham Intelligence, an on-chain analytics platform, reveals that these Bitcoins can now be tracked on the platform.
This follows previous reports of the seizure of these Bitcoins, which originally came from the operators of Movie2k.to, a movie piracy website active in 2013.
The exact amount of Bitcoin held by ETFs has been revealed for the first time
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Bitcoin seizure by Germany
The focus of this case is the suspects’ voluntary handover of the huge Bitcoin stack to the Federal Criminal Police Office (BKA) in January. The Bitcoins have a total value of around 2 billion euros. It was the largest crypto seizure ever in Germany.
The BTC had been in a wallet since 2013, nothing else happened to it. The transfer was identified earlier this year when Arkham Intelligence observed large movements in BTC, which has been dormant since 2013. It is now clear that these steps are transfers from the accused website operators to the federal government.
The ability to track these Bitcoin transactions is a result of the transparency of blockchain technology. Every transaction on the Bitcoin blockchain is public and is permanently recorded so that money movements can be traced. This provides a unique insight into how large Bitcoin holders, such as governments, manage their supplies.
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Germany is not the only country that owns BTC
Interestingly, the extent of the seizure by the federal government is not an isolated case. The US Drug Enforcement Agency (DEA) recently seized 8,100 BTC.
Although this is a significant amount, it pales in comparison to the German seizure. Additionally, the US state holds over 200,000 BTC, which it is likely to sell.
In 2022, Finland sold 1,889 Bitcoins, including for criminal cases. The proceeds then went to Ukraine.
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Fate of German cryptocurrency unknown
With the identification of the German wallet by Arkham Intelligence, questions remain about the fate of these confiscated Bitcoins. The federal government’s decision to sell this stock or not could have a significant impact on the Bitcoin market.
Since the German wallet has now been identified, any movements can now be quickly noticed.
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