Justin Sun Offers To Buy Germany's Remaining $2.3B in Bitcoin to Stabilize Market
Tron founder Justin Sun has proposed purchasing the remaining $2.3 billion worth of Bitcoin seized by the German government. This offer comes amid a series of significant Bitcoin transfers by Germany to exchanges in a bid to offload the cryptocurrency, which have already impacted the market and caused a significant selloff.
Earlier today, Germany moved another $75 million worth of Bitcoin to exchanges, causing the market to plunge. This action follows several similar transfers over the past two weeks, amounting to hundreds of millions of dollars in Bitcoin. As of now, Bitcoin's price has dropped to $56,892.53, marking a 5% decline since yesterday and a 7% decrease over the past week.
"I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market," Sun tweeted on Thursday afternoon. Sun's crypto wallet, as identified by blockchain analytics firm Arkham Intelligence, holds just over $1 billion in funds.
Arkham Intelligence reports that one of the five wallets linked to the German BKA has already sold at least $300 million in Bitcoin. This includes transfers of $94 million to Coinbase, $84 million to Kraken, and $91 million to Bitstamp. Additionally, the wallet, which currently holds $2.3 billion in Bitcoin, sent $44 million to Amsterdam-based market maker Flow Traders.
