Justin Sun appears to be willing to buy Bitcoins via OTC from the German government to “minimize the impact on the market.”
The founder of TRON blockchain Justin Sun is teasing his readiness to safeguard the industry as more confiscated Bitcoins hit centralized crypto exchanges.
In a Thursday post on X, Sun wrote that he’s “willing” to negotiate with the German government to acquire “all BTC off-market,” aiming to reduce market impact. However, Sun didn’t specify details or a timeline for the potential transaction.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
The move coincides with ongoing transfers of confiscated Bitcoins by German government-labeled addresses to centralized exchanges, despite Bitcoin’s recent drop below $60,000. It remains unclear whether these assets were sold or retained in exchange wallets.
As crypto.news reported earlier, the German Federal Criminal Police Office (BKA) transferred multiple Bitcoins to centralized exchanges like Kraken, Coinbase and an untagged wallet. At the time of writing, the BKA made no public statements on sending BTC to the exchanges.
According to data from Arkham, the German government still holds over 40,000 BTC valued at over $2 billion at current market prices. The German Federal Criminal Police Office (BKA) first seized almost 50,000 BTC from the operators of the popular piracy movie website Movie2k.to back in 2013. The BKA received the Bitcoin in mid-January after a “voluntary transfer” from the suspects, the German police said in a press release.
Read more: Germany’s Bitcoin Group tackles money laundering attempts