In a major move, Germany has completed the sale of nearly 50,000 bitcoins seized from the Movie2k.to piracy platform, causing significant volatility in the bitcoin market. The last batch of 3,094 bitcoins was sold on July 12, bringing the wallet balance down to $321 from a peak of $3.6 billion in March.
Since June 19, the public prosecutor’s office in Saxony has started selling bitcoins, which has had a significant impact on the market price. The initial selling caused the price of BTC to fall from over $70,000 to below $54,000 before recovering to nearly $63,000. The sales were made over-the-counter (OTC) to avoid exposure to regular exchanges, Heise.de confirms.
Movie2k.to generated bitcoins as advertising revenue between 2011 and 2013, when bitcoin prices ranged from €2 to €230. The seizure and subsequent sale of these bitcoins was a lengthy process, with the bitcoins being “voluntarily handed over” by one of the suspects to Germany’s Federal Criminal Office (BKA).
This transaction highlights the significant fluctuations in value and economic impact caused by the liquidation of large holdings of Bitcoin. Despite a proposal by some members of the Bundestag to keep bitcoins as a hedge against inflation, the decision to sell prevailed.
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