Germany Reveals Proceeds from Bitcoin Sale

Following an “emergency sale” of 49,858 BTC, the German government managed to secure an “unprecedented” €2.6 billion ($2.88 billion). This was reported by Decrypt, citing a press release from the local prosecutor’s office.

The assets in question were seized from the pirate portal Movie2k in January. At that time, their value was approximately $2.17 billion.

According to the statement, the case against German and Polish citizens accused of operating pirate websites and money laundering is still ongoing.

“The proceeds initially do not represent any additional income for the federal state of Saxony and are held in custody until the criminal proceedings are fully concluded,” stated representatives of the German authorities.

The German trading organization Bankhaus Scheich assisted the police in selling the cryptocurrency.

“The bank was tasked with executing the bitcoin sale fairly and gently for the market,” the documents state.

The report emphasizes that the agencies responsible for the assets were prohibited from waiting for price increases due to “unsuitable” market conditions, prompting them to conduct transactions “as quickly as possible.”

Local laws require the “immediate” sale of seized assets if there is a risk of their value dropping by 10%, law enforcement explained.

Earlier, Bloomberg linked the liquidation of digital gold by German authorities to the decline in prices below the psychological support level of $60,000 in early July.