German Authorities Transfer 400 BTC Worth $24.34 Million to Coinbase and Kraken

On June 25, wallets associated with Germany’s Federal Criminal Police Office (BKA) transferred 200 BTC each (totaling $24.34 million) to the exchanges Coinbase and Kraken. The transactions were tracked by Arkham.

UPDATE: German Government selling additional $24M BTC

In the past 2 hours the German Government has moved 400 BTC to exchange deposits at Kraken and Coinbase.

They have also moved 500 BTC to address 139Po. We have yet to see where these funds are moved. pic.twitter.com/D6QCUv9Jgx

— Arkham (@ArkhamIntel) June 25, 2024

They also sent 500 BTC to a separate address. Analysts have promised to determine where these funds were transferred.

Initially, the wallet labeled as “German authorities” held 50,000 BTC. According to Arkham, these are funds seized in January from the administrators of the pirate movie site Movie2k.

On June 19, the government-marked address sent bitcoins worth $425 million to another wallet it owns. Following this, it made an internal transfer of $318 million.

On the same day, BKA sent 500 BTC ($32.6 million) each to Kraken, Bitstamp, and Coinbase, and another 500 BTC to the address “139Po.” On June 20, the latter received an additional 800 BTC ($52.7 million).

This was followed by a transfer of 200 BTC ($13.2 million) to Coinbase, after which 310 BTC ($20.1 million) returned to BKA from Kraken. Experts discovered that on June 20, a total of 90 BTC ($5.5 million) also arrived from wallets associated with Robinhood, Bitstamp, and Coinbase.

According to Arkham, the German government currently owns 46,359 BTC, which at current prices amounts to ~$2.83 billion.

According to BitcoinTreasuries, this places the country behind only the US (213,246 BTC), China (190,000 BTC), and the UK (61,000 BTC).

In the US, the government has faced accusations of “misappropriating” bitcoins from the national reserve, which was supposed to exceed 400,000 BTC.

On June 24, the price of the leading cryptocurrency fell below $60,000 following news of Mt.Gox payouts in July.