German Government Transfers Part of $2,800,000,000 Bitcoin Stash to Kraken and Coinbase: On-Chain Data

The government of Germany has been spotted moving eight figures worth of Bitcoin to crypto exchanges as BTC attempts a recovery from the $60,000 level.

According to blockchain “de-anonymizing” platform Arkham, the Bitcoin wallet belonging to the German government has moved a total of 900 BTC in the last 24 hours.

Arkhams data shows the German wallet sending 200 BTC to crypto exchange Kraken, plus an additional 200 coins to Coinbase.

500 BTC were sent to an address beginning with “139PoPE,” possibly another exchange wallet but as of yet an unknown entity.

Earlier this month, Arkham reported that over a two-day period, the German government moved over $195 million worth of Bitcoin to six crypto exchanges, including Coinbase, Kraken and Bitstamp.

“German Government Still Selling BTC > $195 million so far. In the past two hours, the German government sent $65 million in BTC to two likely exchange deposits including Coinbase. The German government moved $600M BTC yesterday, sending $130 million BTC to four likely exchange deposits including Kraken and Bitstamp.”

Germany is selling the BTC that its authorities seized while probing Movie2k.to, a now-defunct illegal streaming site that was accused of distributing more than 880,000 pirated films between 2008 and May 2013.

The Dresden Public Prosecutors Office said that the two operators of the site purchased Bitcoin using the proceeds of their illicit activities.

The Bitcoin seizure in connection with the investigation is the largest of its kind in Germany to date. Police confiscated nearly 50,000 BTC worth $2.17 billion at the time.

At time of writing, Bitcoin is trading at $61,510

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