The German governmental agency Federal Criminal Police Office/Bundeskriminalamt (BKA) has moved all its bitcoin holdings, concluding numerous transactions that added selling pressure on the asset. Arkham Intelligence reveals that the BKA-labelled wallet presently holds 0 bitcoins.
Arkham’s X account notified users about its final transaction, “The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).”
It held 50,000 bitcoins when it began—a dollar value totaling billions—and gained the funds through a seizure when it went after the media piracy site Movies2K. It offloaded these coins to the open market, selling them off on exchanges and pushing them to OTC services about a month ago.
That caused bitcoin’s price to dip and fall below the $60,000 mark from over $70,000. Anticipation of Mt. Gox repayments and their commencing also played a crucial role in the asset’s value dropping tremendously.
Multiple individuals wanted to control the damage done, with Tron’s Justin Sun offering to buy BKA’s stockpile off-market over a week ago. A German MP also urged the entity to stop liquidating its holdings, asking it to keep it to maintain diverse reserves and breed confidence within the country for innovation in the crypto space.
While BKA-related selling may have ended, easing some selling pressure for the moment, Mt. Gox repayments can increase the pressure to new levels. Creditors will receive their funds, 140,000 bitcoins collectively, by September end. And many of these creditors will sell massive portions of the assets they receive to take profit—something they have been unable to do for the past decade since Mt. Gox went bankrupt.
It suffered a series of hacks spanning two years, going unnoticed until the very end. This remains one of the most shocking to hit the crypto ecosystem. The attackers walked away with massive amounts, taking most of the deposits made by creditors.
