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Germany lost $2.5 billion on the sale of confiscated bitcoins

Germany lost $2.5 billion on the sale of confiscated bitcoins

Experts from Lookonchain reported that the sale of the first cryptocurrency was conducted from a crypto wallet labeled as "German Government (BKA)" and was related to the seizure of bitcoins as part of a criminal case against the piracy video hosting site Movie2k.

Transactions were made from June 19 to July 12, 2024. The Saxony Public Prosecutor's Office stated that the operation was "urgent" and, in accordance with the provisions of the German Criminal Procedure Code, the agency was obligated to sell the bitcoins to avoid significant losses due to cryptocurrency volatility.