Germany Yet to Seize $5B BTC Tied to Piracy Site Movie2k: Arkham

Arkham Intelligence, a company that studies cryptocurrencies, recently that German authorities may have overlooked nahead 45,000 BTC (BTC), worth approximately $5 billion, that were linked to the now-defunct movie piracy site Movie2K. This large amount of money, spread across more than 100 wallets, has remained untouched since 2019, indicating that the site’s operators may still have control over it. 

Germany 49,858 BTC from Movie2K operators in January 2024, and they sold it for $2.8 billion at an average price of $ 56,000 per coin. The hoard that wasn’t sold is now worth almost as much as the amount that was taken before, as the cost of BTC has gone up to $111,000.

Germany’s Expensive Sale of BTC

prosecutors sold the 49,858 BTC they had seized in mid-2024. This was criticized because the price of BTC subsequently increased to nahead $123,000. If the government had kept the coins, they would have been worth more than $5 billion. 

German legislation stipulates that volatile assets, such as cryptocurrencies, must be sold rapidly to mitigate financial risk; however, this has sparked discussions about potential missed profit opportunities. If the 45,000 BTC, worth approximately $4.99 billion, are confiscated and sold, they might be viewed in the identical way, which could alter how the BTC market operates.

Legal and Technical hardys

Taking the newly discovered is exceptionally challenging. Before any money can be seized, German police must prove in court that it is connected to Movie2K’s illegal activities. Additionally, it’s challenging to locate and access the Secret keys for more than 100 wallets, as the funds have remained unchanged since 2019. 

research indicates that these wallets weren’t sold in 2024, and German officials haven’t yet commented on the results. This makes me wonder if the government was aware of these assets or if they were overlooked during the initial investigation.

What does This Mean for BTC?

The discovery of this BTC cache raises old questions about how governments handle digital assets seized from individuals. Some German politicians, such as Joana Cotar, want to retain seized BTC as a , citing examples from the U.S.

However, Germany’s central bank remains skeptical because it believes BTC is too volatile. If the government takes the 45,000 BTC, it might put pressure on the market. On the other hand, if they keep it, it could mean that Germany’s crypto policy is changing. The future of this $5 billion treasure remains uncertain as legal and investigative matters are being resolved.