German Government\'s Bitcoin Wallet Receives Funds from CoinJoin Address Amidst Its Selling Activity-web3.0-php.cn

German Government\'s Bitcoin Wallet Receives Funds from CoinJoin Address Amidst Its Selling Activity

Jul 18, 2024 am 07:26 AM

On-chain data from the crypto analytical platform Arkham Intelligence revealed that the German government wallets received less than $10 in three transactions from CoinJoin addresses today.

German Government's Bitcoin Wallet Receives Funds from CoinJoin Address Amidst Its Selling Activity

The German government's Bitcoin (BTC) wallet received a small amount of sats from a CoinJoin address on Monday as the government continues to sell the cryptocurrency.

According to on-chain data from crypto analytical platform Arkham Intelligence, the German government wallets received less than $10 in three transactions from CoinJoin addresses on Monday.

CoinJoin transactions combine multiple Bitcoin trades to obscure the flow of funds and enhance user privacy on-chain. However, these transactions have come under heavy scrutiny in recent months as the U.S. government ramps up its pressure on privacy protocols.

According to authorities, malicious actors like the North Korea-backed Lazarus Group were using these tools for money laundering and other nefarious activities, prompting several Bitcoin wallet providers, including Wasabi Wallet, to discontinue the feature on their platforms.

Meanwhile, the German government continues to sell BTC, with on-chain data showing the government sending 6306.9 BTC, estimated to be around $362.12 million, to Kraken, Cumberland, and two unlabeled addresses likely belonging to an institutional deposit or over-the-counter service provider.

This recent activity brings the government's Bitcoin holdings down to 22,847 BTC, valued at $1.32 billion. Germany began its large-scale BTC sell-off last month, having initially seized 50,000 BTC from a piracy website in January.

However, the government's unusual on-chain transactions have sparked varied reactions within the crypto community.

On July 8, blockchain analytical firm SpotOnChain questioned the German authority’s decision to sell directly via centralized exchanges and the subsequent withdrawal of some of these BTC after the transfer to these platforms.

Despite these sales, experts note that the Bitcoin market remains largely unaffected.

“Government BTC selling is negligible compared to overall liquidity, and most Mt. Gox BTC holdings haven't moved to creditors,” stated Ki Young Ju, the CEO of CryptoQuant.

According to data from CryptoSlate, the price of BTC has been trending downwards, falling about 10% in the last seven days to $57,270 at press time.

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