In a groundbreaking move, the Federal Criminal Police Office (BKA) of Saxony has executed its largest Bitcoin sale to date. On July 8, the BKA sold a staggering 12,000 Bitcoin, equivalent to approximately $687 million, according to data from Arkham Intelligence.
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Significant Impact on Bitcoin Market
This sale marks the largest single-day transaction ever conducted by Saxon authorities. It is believed that these Bitcoin were sold over the counter (OTC), avoiding major market disruptions. Despite the magnitude of the sale, Bitcoin experienced a minor drop of around two percent but quickly rebounded, gaining nearly four percent by the end of the day.
Source of the Bitcoin
The Bitcoin sold by the BKA originated from the alleged operators of the illegal streaming platform movie2k.to. Legal proceedings are still ongoing against the primary suspects, a 40-year-old German and his 37-year-old accomplice from Poland.
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Proceeds Allocation
In a statement, the BKA mentioned, “The proceeds of seized assets shall accrue to the respective state treasury in which the competent court is located, in accordance with Section 60 of the Penal Enforcement Code.” This ensures that the funds generated from the sale are directed back into the public sector.
Remaining Bitcoin Holdings
Following this significant sale, the BKA still holds around 27,000 Bitcoin, down from an initial 50,000. This indicates that further sales could be anticipated as the authorities continue to liquidate these assets.
Conclusion
The sale by the BKA represents a notable moment in the intersection of cryptocurrency and law enforcement. As authorities continue to manage and liquidate seized digital assets, the market remains vigilant, monitoring the potential impacts of such large-scale transactions.
