News
German government agency moves $425 million worth of Bitcoin, some to cryptocurrency exchanges
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A German government agency appears to have transferred $425 million in bitcoin to another wallet, returning some of it to the original wallet and sending some to cryptocurrency exchanges’ custodial wallets.
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Transaction data shows deposits worth $32 million each at Kraken and Bitstamp, which could indicate selling intentions.
A German government agency moved $425 million in bitcoin {{BTC}} to another wallet address today, Arkham data appears to show, sending some to cryptocurrency exchanges’ custodial wallets and sending others back to square one .
The wallet address, previously identified as belonging to the German Federal Criminal Police Office (BKA) from Arkham, moved 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and then back to itself. Transaction data shows that a tranche of bitcoin worth $32 million was deposited on cryptocurrency exchange Kraken and a similar amount on Bitstamp.
The German entity moved millions of bitcoins between cryptocurrency wallets and exchanges on Wednesday. (Arkham)
Arkham CEO Miguel More told CoinDesk via Telegram that the entity appears to have moved $130 million in BTC into “service wallets,” which generally indicates an “intention to sell in the near future.”
Mantle blockchain strategist @Defi_Maestro reported the movements on X previously.
BKA seized nearly 50,000 BTC, worth over $2 billion at the time, from cryptocurrency operators Movie2k.toa movie piracy website active in 2013. According to Arkham, the BKA received the bitcoins in mid-January after a “voluntary transfer” by the suspects.