Bitcoin Sale by German Authorities Yields €2.6 Billion

German authorities have completed an emergency sale of nearly 50,000 bitcoins. Raising approximately €2.64 billion. 

This sale, conducted from June 19 to July 12 by the Dresden Public Prosecutor’s Office and Bankhaus Scheich Wertpapierspezialist AG, aimed to prevent a significant loss in value due to bitcoin’s volatility. The funds are provisionally secured for the “movie2k” criminal case at the Leipzig Regional Court. With the final decision on confiscation still pending. 

The sale was carried out in small tranches to minimize market disruption, ensuring that less than 1% of the market volume was affected. The proceeds will remain in custodial deposit until the case concludes and do not impact the state budget of Saxony.

Clever Robot News Desk 19^th July 2024