After withdrawing all the Bitcoin in his wallet on Friday, German law enforcement officially announced the end of the “emergency sale” of nearly 50,000 Bitcoin, raising an “unprecedented” sum of up to 2.88 billion USD (2.639 billion euros).
The Bitcoins were worth around $2.1 billion when they were seized in January as part of an investigation into German and Polish nationals accused of running piracy and money laundering websites. Their trial is still going on.
“The initial proceeds do not represent any additional income for the Free State of Saxony, but will be detained until the final criminal proceedings are concluded,” the prosecutor's office wrote. .
The sale of 49,858 BTC, which took place from June 19 to July 12, was a coordinated effort between the Chief of the Office for the Protection, Supervision and Use of Cryptocurrencies – Saxon Police, the Dresden Prosecutor's Office and the public prosecutor. German trading company Bankhaus Scheich.
“The bank is tasked with selling Bitcoin in a fair and gentle manner in the market,” the office wrote about its three-week sell-off.
The office added in the press release that Bitcoin price and market conditions “have no bearing” on the decision to sell BTC and that they are prohibited from waiting for prices to increase, with the goal being to carry out the sale “as quickly as possible.” the better".
On-chain data compiled by blockchain analytics firm Arkham Intelligence shows that the confiscated Bitcoins were sold on centralized exchanges such as Kraken and Coinbase, decentralized trading firms such as Flow Traders, Cumberland DRW and a still unidentified organization.
On the first day when the BTC sale began, the leading asset was trading around $65,000, but fell to a bottom at $55,000 on July 4. Throughout the three-week sell-off, market volatility led to the liquidation of derivative contracts worth hundreds of millions of dollars. More recently, however, Bitcoin appears to have fully recovered and is currently trading higher than when the German government began selling confiscated Bitcoin.
BTC price chart – 1 day | Source: TradingView
On July 4, Justin Sun, founder of Tron, offered to buy the remaining BTC that the German government had not yet sold (worth about $2 billion at the time). However, neither Sun nor German officials have commented on the seriousness of this offer.
The prosecutor's office explained that the law requires an “emergency sale” of assets if and when authorities consider that there could be a significant loss in value of 10% or more. “These conditions are always present with Bitcoin's strong price fluctuations,” the office said.
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