BKA's Bitcoin Sale: 1,400 BTC Worth €80M Sold, Market Impact Looms
The Federal Criminal Police Office (BKA) in Germany currently holds 46,859 Bitcoins, valued at approximately 2.8 billion euros. This significant amount was seized from various sources, including the illegal video platform Movie2k.to by the LKA Saxony in January 2023.
The BKA's Bitcoin holdings are a result of several high-profile seizures. Notably, the LKA Saxony confiscated 50,000 Bitcoins from Movie2k.to at the end of January. However, not all of these have been transferred to the BKA's custody.
The BKA has started selling a portion of its Bitcoin stash. Around 1,400 Bitcoins, valued at nearly 80 million euros, have been sold so far. To facilitate this process, the BKA has begun depositing the Bitcoins in batches of 500 each on major exchanges such as Bitstamp, Coinbase, Kraken, and Bitcoin.de. This sale could potentially impact the market, creating selling pressure.
In a move towards transparency, the BKA has marked these Bitcoins on the public analysis platform Arkham Intelligence, allowing for public tracking.
The BKA's Bitcoin sales coincide with the repayment of recovered Bitcoins by the trustee of Mt. Gox. As the BKA continues to sell its seized Bitcoins, the market will closely monitor the potential impact on BTC prices. The BKA's decision to track the Bitcoins publicly ensures transparency in their handling of the seized cryptocurrency.
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