Germany Moves IDR 1.5 Trillion Bitcoin Confiscated To Crypto Exchange

Germany moved IDR 1.5 trillion confiscated Bitcoins to the crypto exchange (Photo; Doc. Coinnewsspan)

JAKARTA - The German government has again transferred large quantities of Bitcoin confiscated to several leading crypto exchanges. This move raises new concerns about the possibility of liquiding the country's Bitcoin reserves.

According to an update from Lookonchain, on July 1, the German government made a major Bitcoin transaction by moving 1.500 BTC worth around 94.7 million US Dollars (approximately IDR 1.5 trillion).

Of this amount, 400 BTC worth more than 25 million US Dollars (approximately IDR 409 billion) have been transferred to large crypto exchanges such as Bitstamp, Coinbase, and Kraken. Currently, the German government still has 44,962 BTC, which is equivalent to 2.82 billion US Dollars (approximately IDR 46 trillion).

This latest transaction is part of a series of transactions carried out recently, with a total of about 200 million US Dollars transferred to various exchanges. Bitcoin was originally seized in 2013 when BKA (The German Federal Criminal Agency) seized nearly 50,000 BTC from the operator of the movie hijacking site Movie2k.to, which was then worth more than 2 billion US Dollars (approximately IDR 32.7 trillion).

The move suggests the possibility that German authorities plan to liquidate some of the assets, similar to the actions of the US government which has also transferred millions of crypto dollars confiscated to the exchange, possibly with the intention of selling them. These two measures have led to significant speculation over the potential impact on the price of Bitcoin.

US And Germany: Largest Bitcoin Holders

Last week, the US government transferred 3,940 BTC worth 24 million US Dollars (approximately IDR 393 billion) to Coinbase Prime address. This Bitcoin was originally confiscated from vendor Silk Road and narcotics dealer Banmeet Singh during his trial in January.

The US and Germany are among the largest Bitcoin holders in the world, with the US leading, followed by China, Britain and Ukraine, according to data collected by Bitcoin Treasury. Although previous transfers had had a significant impact on the price of Bitcoin, this latest transfer had no major impact. In fact, the price of Bitcoin rose by 2.07% in the last 24 hours, trading at 62,762 US Dollars (approximately Rp1.02 billion) at the time of writing.