ChainCatcher reported that according to Decrypt, German law enforcement agencies have netted about $2.88 billion (2.639 billion euros) through the "urgent sale" of nearly 50,000 bitcoins. These bitcoins were initially seized in January in an investigation of German and Polish nationals suspected of operating pirated websites and money laundering, and were worth about $2.1 billion at the time. Currently, the relevant trial is still ongoing, and the proceeds will be kept by the Free State of Saxony until the criminal proceedings are finally concluded.
The sale, which took place between June 19 and July 12, was a collaboration between the Saxony Police Department, the Dresden Prosecutor's Office and German trading firm Bankhaus Scheich. Law enforcement agencies are required by law to conduct emergency sales when they determine that Bitcoin is likely to lose significant value (more than 10%). On-chain data from blockchain analytics firm Arkham Intelligence shows the coins were sold through centralized exchanges such as Kraken and Coinbase, as well as over-the-counter trading firms such as Flow Traders and Cumberland DRW.
