Justin Sun, the founder of Tron, has made an offer to purchase the German government’s Bitcoin holdings valued at over $2.3 billion. The cryptocurrency mogul expressed his willingness to buy Bitcoin off-market in order to prevent any negative impact on the price from selling.
Sun shared this proposal with his 3.5 million followers on X, stating that the German government’s wallet had raised concerns about selling Bitcoin after transferring 6,500 BTC worth over $425 million on June 19. With nearly 50,000 BTC in holdings since February 2024, the funds are believed to have been seized from Movie2k, a pirate movie website.
The crypto wallet, identified by the Arkham Intelligence platform as “German Government (BKA),” is linked to the Federal Criminal Police Office (BKA). The BKA had confiscated 50,000 BTC in Dresden in January from Movie2k, which is likely the source of the funds.
While it remains unclear which entity is selling the BTC, a BKA spokesperson confirmed that the criminal unit does not possess the seized Bitcoin. The German government’s wallet, known for its ongoing Bitcoin sales, made another transfer of $172 million worth of Bitcoin on July 4, sending portions to various centralized cryptocurrency exchanges, including Coinbase, Kraken, and Bitstamp.
Just two days prior, on July 2, the wallet moved $52 million worth of BTC, with some going to the same exchanges. This consistent selling behavior has raised questions about the German government’s motives and the potential impact on the cryptocurrency market.