Germany Sells Remaining Confiscated Bitcoins Worth $300, Current Bitcoin Balance is Zero

JAKARTA - The German government has completed the process of selling bitcoins that were previously confiscated from the Movie2K movie piracy site in January. In recent days, Germany has transferred thousands of bitcoins to various exchanges and market players as part of an effort to sell the crypto assets.

Quoted from The Block, according to data from Arkham Intelligence, the German government's bitcoin wallet reached a zero balance on Friday afternoon. Arkham Intelligence reported via the social media platform X that Germany had sent bitcoins worth 223.81 million US dollars (around IDR 3.6 trillion) to the Kraken exchange.

Previously, on Friday, Germany's bitcoin wallet also transferred assets to wallets associated with Bitstamp, Coinbase, Kraken, B2C2 Group, Cumberland DRW, and an unlabeled OTC service address, according to data from Arkham Intelligence.

The series of bitcoin transfers are related to the German government's plan to sell 50,000 bitcoins seized earlier this year from the now-defunct movie piracy site Movie2K. When Germany seized the 50,000 bitcoins, their value was estimated at more than USD 2 billion (around IDR 32.3 trillion).

Last month, Germany began implementing a series of gradual bitcoin transfers to various exchanges. However, at least one German lawmaker disagrees with the plan to sell the seized bitcoins.

The sale of bitcoins by the German government marks a significant step in the management of crypto assets seized from illegal activities. It also reflects the government’s increasing attention and action on the use and oversight of digital currencies in Europe.