In connection with the Movie2k investigation, the Dresden Public Prosecutor’s Office has verified emergency sale of 49,858 Bitcoin between June and July 2024.
The German government has confirmed a multi-billion-dollar emergency sale of Bitcoin that commenced in June.
In collaboration with the Federal Criminal Police Office, the state of Sachsen issued an official statement on July 17 acknowledging the sale of approximately 49,858 Bitcoin between June 19 and July 12, 2024.
“The Leipzig Regional Court has temporarily retained the proceeds of the sale, which totaled 2.6 billion euros (~$2.8 billion), as part of the ongoing criminal proceedings in the “Movie2k case,” according to the statement.”
The funds have yet to be designated as a final state asset and must await a court decision regarding their permanent confiscation.
The Dresden Public Prosecutor’s Office legally mandates an emergency sale if there is a substantial risk of value loss of 10% or more before the conclusion of ongoing criminal proceedings.
Bitcoin’s value declined in June as a result of the asset sale. The cryptocurrency experienced a 9.8% decline during the month, experiencing a decline from approximately $67,000 on June 1 to roughly $60,000 on June 30.
The foremost cryptocurrency experienced an extended decrease in July, momentarily plummeting below $55,000 before regaining momentum.
The translated statement states that the urgent sales of Bitcoin in response to the emergency sale were conducted in numerous small tranches over approximately three and a half weeks, following exhaustive preparations.
Movie2k case
Movie2k was a platform renowned for its ability to broadcast pirated content. It had been under investigation by German authorities for an extended period.
The investigation examined the unauthorized commercial exploitation of copyrighted works for profit and the subsequent money laundering. Two proprietors are purportedly responsible for purchasing substantial quantities of Bitcoin by utilizing their advertising fees and subscription revenue since mid-2012.
The German authorities received nearly 50,000 Bitcoin from the individuals responsible for the platform in January. The coins were valued at approximately 1.96 billion euros (~$2.1 billion) at 39,400 euros per BTC.
