According to analysts from Arkham Intelligence, 45,000 $BTC linked to the pirated site Movie2K have been discovered in Germany, worth about $5 billion. These assets, distributed across more than 100 wallets, have remained inactive since 2019 and are likely still controlled by the former operators of the site. Earlier in 2024, the authorities in Saxony confiscated 49,858 BTC from Movie2K, selling them for $2.89 billion at an average price of $57,900 per coin. If these assets were held until September 2025, their value could reach $5.34 billion, indicating a lost profit of $2.45 billion.
German policy provides for the rapid liquidation of confiscated assets due to their volatility, so the new 45,000 BTC may be sold if they are confiscated. Critics, including Bitcoin enthusiasts, urge consideration of cryptocurrency as a strategic reserve, but Bundesbank President Joachim Nagel dismisses this idea, calling Bitcoin a speculative asset. Potential confiscation could impact the market, although Bitfinex analysts believe the impact will be limited. Stay tuned for news from #MiningUpdates !
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