The German Federal Criminal Police Office (BKA) has moved $24 million worth of Bitcoin (BTC) to crypto exchanges Kraken and Coinbase. This transfer, which took place during European morning hours, is part of a series of significant transactions by the BKA.
Recent Transactions
Arkham data reveals that the BKA moved $24 million in BTC across two transactions to Kraken and Coinbase. Additionally, another $30 million worth of BTC was transferred to a new wallet that has not yet been tagged as an exchange. These movements follow previous transfers of $130 million in BTC to exchanges on June 19 and $65 million on June 20.
The $24 million bitcoin sale is relatively small compared to the overall market activity. Over $40 billion worth of BTC was traded in the past 24 hours. Binance alone has liquidity for up to $20 million in a BTC trade, indicating that the BKA’s transactions are unlikely to significantly impact prices.
The BKA seized almost 50,000 BTC, valued at over $2 billion at the time, from the operators of Movie2k.to, a film piracy website active in 2013. The BKA received the Bitcoin in mid-January after a ‘voluntary transfer’ from the suspects.
Also Read: German Government Sells Seized Bitcoin Worth $195 Million
Key Points
- Transaction Details: $24 million in BTC moved to Kraken and Coinbase; $30 million to a new wallet.
- Recent Transfers: Previous transfers include $130 million and $65 million in BTC to exchanges.
- Market Context: $24 million sale is minor compared to $40 billion in daily BTC trades.
- Seizure Background: 50,000 BTC seized from Movie2k.to operators, valued at $2 billion at seizure time.
These transactions reflect ongoing efforts by law enforcement agencies to manage and utilize seized cryptocurrencies. The BKA’s actions are a part of broader trends where significant amounts of seized assets are transferred to ensure proper handling and potential liquidation.
The German Federal Criminal Police Office’s transfer of $24 million in Bitcoin to Kraken and Coinbase underscores the scale of law enforcement activities in the cryptocurrency realm. While the transaction amount is relatively small in the context of the broader market, it highlights the active management of seized digital assets by authorities.
