German Police Move $425 Million in Bitcoin, Potentially to Sell

The German Federal Criminal Police Office (BKA) has moved $425 million worth of Bitcoin (BTC) from its wallet, previously acquired from a film piracy website. The agency sent some of the BTC to crypto exchange deposit wallets, indicating a potential intention to sell. Arkham, a blockchain intelligence company, identified the BKA’s wallet and tracked the transactions. The BKA deposited $32 million each to Kraken and Bitstamp exchanges. Arkham CEO Miguel More stated that the agency may be moving funds to “service wallets” for potential selling in the near future. The BKA originally seized almost 50,000 BTC, worth over $2 billion, from the operators of Movie2k.to in mid-January 2023, following a "voluntary transfer" from the suspects.