Germany Sells 5,000 Seized Bitcoins in Emergency Sale
German authorities have initiated an 'emergency sale' of Bitcoins seized from Movie2k, a popular torrent site. The sale, which began in summer 2024, is due to legal requirements to quickly dispose of volatile assets. So far, around 5,000 coins have been sold, with the proceeds going to the general state budget of the Free State of Saxony.
The sale comes after German police seized nearly 50,000 BTC from Movie2k in early 2024. The 'emergency sale' was initiated as the value of the seized Bitcoins threatened to decrease rapidly. The Saxon General Prosecutor's Office is responsible for the sale, with the BKA involved in safekeeping but having no decision-making power.
The sale has so far generated roughly 300 million euros. According to German law, if the goods exceed 500,000 euros, 52.5% goes to the Ministry of the Interior and 22.5% to the Ministry of Justice. However, as the sale is ongoing, the Saxon government cannot comment further. Despite the sale, there are still around 44,692 BTC, now valued at nearly $5 billion, remaining untouched in over 100 wallets linked to the site. These Bitcoins may only be disposed of and transferred to the budget once there is a final court judgment.
The emergency sale of seized Bitcoins from Movie2k has generated significant funds for the Saxon state budget. Despite the sale of around 5,000 coins, nearly 45,000 BTC remain untouched, pending a final court judgment. The sale process is ongoing, with the Saxon General Prosecutor's Office overseeing the proceedings.
