Now we face only Mt. Gox returns sell offs, since Germany has sold off its last BTC!
The origin of these assets can be traced back to 2013 proceeds of the operations of a movie content pirate website Movie2K.
#germanyReports came in mid-January 2024 that the Saxony State Criminal Police Office seized 50,000 BTC from one of the website’s operators as part of criminal investigations directed towards Movie2K. At the time of Movie2K’s operations in 2013, these assets were collectively worth less than $50 million. However, Bitcoin has appreciated massively since then, and the value of the stockpile had grown to more than $2.5 billion before the seizure in January 2024. Selloffs began on June 19 but were ramped up in July. Notably, on-chain data shows that the selloffs have seen the stash deplete by over 40,000 BTC in the past month, with less than 5,000 BTC now remaining.