🇩🇪 Germany almost emptied its $BTC wallet in a month.

During the last month, the German federal state of Saxony released almost 50,000 bitcoins (approximately $2.8 billion) into the market, which negatively affected the crypto market. These assets were seized in the course of a criminal case against the piracy site Movie2k.

These transactions are related to the requirements of German law, which provides for a standard procedure for the sale of assets seized during criminal investigations.

Starting from June 19, certain volumes that were too large were withdrawn from wallets to various crypto exchanges, which prompted some platforms to return bitcoins back.

In total, 50 thousand $BTC was seized during the criminal case. The transfers were sent to Bitstamp, Kraken and Coinbase and other exchanges.