A German government-affiliated cryptocurrency wallet has transferred more than 3,000 Bitcoin, valued at over $172 million, to three different crypto exchanges and another wallet. On July 4, PeckShieldAlert, a blockchain investigator, reported a significant transfer of 1,300 Bitcoin from a wallet labeled “German Government (BKA)” to Coinbase, Kraken, and Bitstamp exchanges. Further investigation revealed that an additional 1,700 Bitcoin were transferred to a separate wallet address. The German government has been transferring Bitcoin to exchanges over the past two weeks, along with similar actions by the United States government and the impending Mt. Gox repayments. These transfers pose a potential threat of increased selling pressure on Bitcoin. The German government’s labeled wallet has held 50,000 Bitcoin since February 2024 and has been gradually reducing its holdings in recent months. Governments around the world, including Germany, regularly confiscate Bitcoin and other digital assets associated with criminal activities and auction them off. The United States government previously sold a significant portion of Bitcoin seized from the Silk Road dark web marketplace.
German government moves 172 million worth of Bitcoin to various destinations