German Government Transfers $425 Million Worth of Bitcoin: Will It Be Sold? Respected CEO Provides Response
In a significant development, a substantial amount of Bitcoin has been transferred from cryptocurrency wallets believed to be owned by the German government.
According to data from Arkham, a German government agency recently moved $425 million worth of Bitcoin (BTC) to another wallet address. The transaction involved sending some of the Bitcoin to deposit wallets on crypto exchanges and returning some to the original wallet.
The wallet address, previously identified by Arkham as belonging to the German Federal Criminal Police Office (BKA), transferred 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and then back to itself. Transaction data reveals that approximately $32 million worth of Bitcoin was deposited on the Kraken exchange, with a similar amount deposited on Bitstamp.
Miguel More, the CEO of Arkham, reported via Telegram that the organization has moved $130 million worth of BTC into “service wallets,” which typically indicates an intention to sell in the near future.
The BKA had previously seized around 50,000 BTC, valued at over $2 billion at the time, from the operators of Movie2k.to, a pirated movie site that was active in 2013. According to Arkham, the Bitcoin was transferred to the BKA in mid-January through a voluntary transfer from the suspects.
*This article does not provide investment advice.
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