German Government Transfers 3,000 BTC to Crypto Exchanges and Unknown Wallets, Impacting Market
- WBOYOriginal
- 2024-07-10 15:39:351016browse
A crypto wallet associated with the German government transmitted over 3,000 Bitcoin, equivalent to over $172 million, in installments to three crypto exchanges and a wallet.
A crypto wallet linked to the German government has moved over 3,000 Bitcoin (BTC), currently valued at over $172 million, in installments to three crypto exchanges and a wallet, potentially impacting market dynamics.
Blockchain investigator PeckShieldAlert flagged a major outbound transfer of 1,300 Bitcoin (BTC) from a cryptocurrency wallet labeled “German Government (BKA)” on July 4. The $75 million in BTC transfers were distributed among three major crypto exchanges: Kraken, Bitstamp, and Coinbase.
Further analysis by Cointelegraph revealed that the German government wallet also simultaneously moved an additional 1,700 BTC to a separate wallet address. The PeckShield team confirmed to Cointelegraph that the wallet was credited with 3,000 BTC.
“Total 3K out (from German gov’t labeled wallet), including 1.3K -> CEXs and 1.7K -> (to a wallet address) 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu.”
According to data from on-chain analytics platform Arkham Intelligence, the remaining 1,700 BTC were transferred to a separate crypto wallet, while the initial 1,300 BTC were sent to centralized crypto exchanges.
German gov't labeled wallet moved 1.3K BTC to Kraken, Bitstamp, Coinbase
The total amount of BTC credited to the new wallet is 3,000.
The wallet was previously credited with 50K BTC by German police (BKA) in Feb'24, following a narcotics seizure.
The wallet has been gradually emptying since, with frequent outbound flows.
Learn more:
https://t.co/0000000000
The German government has also moved over 3,000 BTC to multiple exchanges in the last two weeks.
The upcoming Mt. Gox repayments, coupled with ongoing whale transfers from the German and U.S. government, could introduce further selling pressure on Bitcoin.
Over the past few months, the German government-labeled wallet has been transferring a large portion of its holdings, which have totaled 50,000 BTC since February 2024.
Governments worldwide, including Germany, have seized Bitcoin and other digital assets linked to illicit activities and sometimes conduct auctions to sell their confiscated crypto holdings.
The United States government has sold a significant portion of the Bitcoin seized from the notorious dark web marketplace Mt. Gox. In 2014, Tim Draper, an American industrialist and Bitcoin enthusiast, purchased 29,656 BTC from the Silk Road haul at an auction overseen by U.S. marshals.
Photo: Microsoft Bing
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