Amidst the changing tides of cryptocurrency, the German government completed a jaw-dropping operation! In early 2024, they seized about 50,000 Bitcoins from the operators of the pirated movie website Movie2K, and then decisively sold these Bitcoins at an average price of $57,900 between June and July of that year, instantly bringing in $2.89 billion, making them a real-life "big winner" in the crypto world.
The thrilling "hunting" and cashing out of huge amounts of Bitcoin
The story begins with the fight against piracy and money laundering crimes. Movie2K was once a rampant hub for pirated movies in the underground network, where the operators made a fortune through advertising and subscription income, while also playing money laundering tricks by purchasing large amounts of Bitcoin. In 2019, German police took decisive action and arrested the relevant individuals. In early 2024, nearly 50,000 Bitcoins obediently transferred into the German government's coffers, valued at about $2.1 billion at the time.
However, German law stipulates that during criminal proceedings, if there is a significant depreciation risk of more than 10% in assets, an 'emergency sale' must be conducted. The volatility of Bitcoin prices is well-known, and after weighing the situation, the Dresden Public Prosecutor's Office ordered an emergency sale. From June 19 to July 12, with the assistance of the Federal Criminal Police Office, the German government sold these Bitcoins in small batches through Frankfurt's Bankhaus Scheich Wertpapier Spezialist ag, ultimately cashing out $2.89 billion.
Cash-out triggered market 'ripples,' future trends remain a mystery
The German government's large-scale sale was like a boulder thrown into the lake of cryptocurrency, creating ripples. During the sale, Bitcoin prices fell sharply, dropping from around $67,000 in early June to near $60,000, and in July, it briefly fell below $55,000. However, interestingly, after the sale ended, Bitcoin prices rebounded strongly and continued to rise, even surpassing the $100,000 mark. This led many to sigh that if the German government had waited a bit longer, they might have made even more.
Mysterious wallet surfaces, whereabouts of $5 billion in Bitcoin remains a mystery?
Just when everyone thought the story had come to a close, blockchain analysis company Arkham discovered a stunning secret. Arkham's on-chain tracking revealed that over 100 wallets appeared to be hiding approximately 45,000 Bitcoins associated with early Movie2K addresses, estimated to be worth up to $5 billion at current prices. These Bitcoins have been dormant since 2019, never moving a single cent, and the German government made no mention of them in its disposal statement, nor included them in the sale. Is this a 'secret vault' hidden by the forces behind Movie2K? Or is there another unknown reason?
The German government's Bitcoin cash-out drama not only showcases the unique position of cryptocurrency in the game between crime and regulation but also leaves many questions unanswered. Where will the $5 billion in Bitcoins ultimately go? Will they stir up the cryptocurrency market again? Let's wait and see!#Movies #MovingAverages #MovimientosDeBallenas 
