50,000 BTC sold for 2.8 billion USD, Germany states: Trading volume "moderate" without affecting coin price

German authorities confirmed the completion of the sale of 50,000 BTC after over three weeks of continuous selling, stating that the over-the-counter trading volume had a "moderate" and "no direct impact" on the market.

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Germany Sells 50,000 BTC, Nets $2.88 Billion

The Dresden Public Prosecutor's Office announced that they had commissioned Bankhaus Scheich in Frankfurt to sell all confiscated bitcoins between June 19 and July 12.

These bitcoins were initially seized in mid-January this year by the Federal Criminal Police Office of Germany, Bundeskriminalamt, from the operator of the pirate movie website, believed to be movie2k.co, totaling 50,000 BTC. This seizure ranked as the fourth largest in the world, surpassing Ukraine's 46,351 BTC and trailing behind the US, China, and the UK.

Germany Seizes 50,000 Bitcoins, Ranks Fourth Behind US, Japan, and UK

At the time of the seizure, the price of Bitcoin was around $43,000. With the current price at $64,450, the value has increased by nearly 50%. The proceeds from the sale amount to €26.39 billion, approximately $28.86 billion. The court has not yet decided on the confiscation.

Prosecutor's Office: No Direct Impact on Market Price

The Prosecutor's Office emphasized that the sale of Bitcoin was completed through multiple batch transactions over three and a half weeks. Each over-the-counter (OTC) trade did not exceed 1% of the Bitcoin market trading volume, and the trading volume did not affect the price fluctuations.

In their statement, they mentioned:

We sold the bitcoins in an "emergency sale" because the law requires us to sell them before the criminal proceedings are concluded. The bank was commissioned to sell the bitcoins in a market-friendly and fair manner. The decision to sell them urgently was not based on market conditions. Law enforcement agencies are strictly prohibited from waiting for the market value to rise before conducting an emergency sale.