German Govt Sells Seized Bitcoin for $2.89B, Despite $326M Loss Amid Price Surge
July 18, 2024
The German government sold 49,858 Bitcoin seized from Movie2k, raising $2.89 billion.
The sale occurred between June 19 and July 12, at an average price of $57,900 per coin.
Despite Bitcoin's current price surge to over $64,000, the government incurred a loss of over $326 million.
Authorities stated that market conditions were irrelevant to their decision-making process.
The 23-day selling spree caused a temporary decline in Bitcoin's price in June.
The CEO of CryptoQuant noted that the seized Bitcoin was a small portion of the total market value.
The fate of the remaining Bitcoin and Justin Sun's offer to purchase them remains uncertain.
The Leipzig Regional Court holds the funds pending a final decision on confiscation.
Summary based on 6 sources
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Sources
Cointelegraph • Jul 17, 2024
Bitcoin sale nets German government $2.8B
Decrypt • Jul 17, 2024
German Bitcoin Sale Netted 'Unprecedented' €2.6 Billion: Dresden Prosecutor
The Block • Jul 17, 2024
German government's bitcoin selloff nets $2.9 billion as film piracy case marches on
Crypto Briefing • Jul 17, 2024
German govt sold its Bitcoins for under $60,000, costing over $326 million