The German Federal Criminal Police Office (BKA) has transferred 900 Bitcoin to Kraken, Coinbase, and an untagged wallet.
According to Arkham data, a wallet connected to the BKA sent $24 million in bitcoin (BTC) in two transactions to the Kraken and Coinbase cryptocurrency exchanges during the morning hours in Europe. The total amount of Bitcoin transferred was 400 BTC. An additional 500 BTC ($30.4 million) was moved to an untagged address labeled “139Po.”
These recent transfers follow earlier transactions where $130 million in BTC was sent to exchanges on June 19 and $65 million in BTC was sent on June 20.
The BTC were seized by authorities from the operators of the film piracy website Movie2k.to. The Bitcoin, worth over $2 billion at the time, was obtained from nearly 50,000 BTC and transferred to the BKA in mid-January in a ‘voluntary transfer.’
There is speculation surrounding this BTC transfer, with some suggesting that the owner of the German wallet may be looking to sell their BTC. Others believe it could be a strategy to diversify their assets across various exchanges.
With Germany’s current ownership of 46,359 BTC, which is worth approximately $2.8 billion at current prices, the country is one of the largest known nation-state holders of Bitcoin, ranked behind the United States, China, and the UK.
These recent transactions come after significant movements by the BKA last week, with $130 million sent to exchanges on June 19 and $65 million on June 20.