{"id":15160,"date":"2024-07-12T12:05:56","date_gmt":"2024-07-12T09:05:56","guid":{"rendered":"https:\/\/forklog.com\/en\/german-authorities-offload-additional-2700-btc\/"},"modified":"2024-07-12T12:05:56","modified_gmt":"2024-07-12T09:05:56","slug":"german-authorities-offload-additional-2700-btc","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/german-authorities-offload-additional-2700-btc\/","title":{"rendered":"German Authorities Offload Additional 2700 BTC"},"content":{"rendered":"<p>On July 12, a wallet associated with Germany&#8217;s Federal Criminal Police Office (BKA) transferred 2700 BTC, valued at $154.59 million, to trading platforms.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">German Goverment started selling coins on July 12. At 15:02 UTC+8, it transferred a total of 1,200 BTC to Bitstamp, Kraken and Coinbase (400 BTC each), transferred 1,000 BTC to the suspected B2C2 Group: 139PoP\u2026H7ybVu, transferred 500 BTC to the unmarked address: bc1qu3\u2026guzr4j.\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1811661302349373539?ref_src=twsrc%5Etfw\">July 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A total of 1200 BTC was sent to the addresses of Bitstamp, Kraken, and Coinbase; 1000 BTC to an address allegedly linked to B2C2 Group, and 500 BTC to an unmarked address.<\/p>\n<p>One and a half hours later, 500 BTC were returned to the BKA from Kraken and Bitstamp.<\/p>\n<p>On July 11, Arkham specialists tracked the transfer of 5000 BTC to Flow Traders, Coinbase, Kraken, Bitstamp, and several other recipients, in addition to 5627 BTC valued at $328.89 million. The recipients of the latter transactions included Coinbase, Bitstamp, Kraken, Cumberland, B2C2, and an unidentified address.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">UPDATE: The German Government is running out of Bitcoin.<\/p>\n<p>The German Government just sent another 5000 BTC ($286.44M) to Flow Traders, Coinbase, Kraken, Bitstamp, 139Po and bc1qu.<\/p>\n<p>Today, they have transferred 10627 BTC ($615.33M) in total to market makers and exchanges.<\/p>\n<p>They\u2026 <a href=\"https:\/\/t.co\/vXtHwzUieK\">https:\/\/t.co\/vXtHwzUieK<\/a> <a href=\"https:\/\/t.co\/4bOI56BJgN\">pic.twitter.com\/4bOI56BJgN<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1811437599682183217?ref_src=twsrc%5Etfw\">July 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Initially, the wallet held nearly 50,000 BTC, <a href=\"https:\/\/forklog.com\/en\/news\/german-authorities-seize-nearly-50000-btc-from-pirates\">seized<\/a> by law enforcement in January from the administrators of the pirate movie site Movie2k. According to Lennart Ante, co-founder and CEO of Blockchain Research Lab, the cryptocurrency was confiscated by the police department of the federal state of Saxony.\u00a0<\/p>\n<p>Regional legislation mandates the liquidation of seized assets within a certain period. This, the expert explained, accounts for the authorities&#8217; sale of bitcoins, which began with small amounts on June 19.<\/p>\n<p>The BKA wallet now holds 6894 BTC ($394.5 million) \u2014 13.8% of the original amount.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Market Impact<\/strong><\/h2>\n<p>CryptoQuant specialists <a href=\"https:\/\/www.theblock.co\/post\/304717\/short-term-holder-trading-activity-not-german-govt-driving-bitcoin-exchange-reserves-surge-cryptoquant\">recorded<\/a> an increase in exchange balances but ruled out the influence of German authorities&#8217; actions on the metric.\u00a0<\/p>\n<p>They cited increased trading activity by speculators as the reason. The latter were concerned by the distribution of bitcoins to Mt.Gox clients and sales from the BKA wallet, analysts added.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1102.webp\" alt=\"1-1102\" class=\"wp-image-236826\"\/><figcaption class=\"wp-element-caption\">Data: CryptoQuant.<\/figcaption><\/figure>\n<p>Earlier, Bundestag member Joana Cotar criticized the authorities&#8217; sale of confiscated bitcoins, calling these steps counterproductive.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 12, a wallet associated with Germany&#8217;s Federal Criminal Police Office (BKA) transferred 2700 BTC, valued at $154.59 million, to trading platforms. German Goverment started selling coins on July 12. At 15:02 UTC+8, it transferred a total of 1,200 BTC to Bitstamp, Kraken and Coinbase (400 BTC each), transferred 1,000 BTC to the suspected [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,109],"class_list":["post-15160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-germany"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15160"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15159"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}