German Government Sells Seized Bitcoin for $2.9 Billion (Movie2K Case)

Germany sold seized bitcoin to prevent potential losses in ongoing legal proceedings.

Germany nets $2.88 billion from selling nearly 50,000 bitcoins seized from the defunct film piracy website Movie2K.

German authorities announced the successful sale of nearly 50,000 bitcoins, confiscated from the now-closed film piracy website Movie2K. The sale, conducted between June 19 and July 12, 2024, generated $2.88 billion for the German government.

The sale process involved various cryptocurrency exchanges, including Bitstamp, Kraken, and Coinbase. This move by German authorities highlights the legal considerations surrounding seized crypto assets and the potential for value depreciation.

While the Movie2K case remains unresolved, German authorities justified the sale due to the risk of significant bitcoin value loss (around 10% or more) if held for a longer period.

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