Back in January 2024, German authorities seized almost 50,000 Bitcoin (BTC), worth over $2 billion, from Movie2kto, a site that illegally streamed movies and shows. This haul is the biggest Bitcoin grab in Germany's history.
Movie2kto ran from 2008 to 2013, offering pirated content. Two guys behind the site laundered their earnings by buying Bitcoin when it was still cheap. By 2019, they were caught and charged.
In a coordinated bust involving German police, prosecutors, and even the FBI, authorities secured the Bitcoin, now worth a lot more than when it was bought. After the seizure, Germany sold over 10,000 BTC, making hundreds of millions through exchanges like Coinbase and Kraken. They still hold about 29,286 BTC, valued at $2.2 billion today.
Selling 10,000 BTC caused a small ripple in the market, but not a crash. Germany’s move to keep a big chunk suggests they think Bitcoin will keep rising in value.
Globally, the U.S. holds the most Bitcoin, with around 213,546 BTC ($13 billion). The UK follows with 61,245 BTC ($4.5 billion). Germany is in the top four, showing governments are starting to see Bitcoin as valuable assets.
Germany's $2.2 billion Bitcoin stash is a major story in the world of cybercrime and shows how governments are beginning to embrace cryptocurrency.
Sources: Cointelegraph, Binance News, Crypto News, Bitcoin News
https://x.com/MarioNawfal/status/1810223542132162760
