Justin Sun is considering purchasing Bitcoins directly from the German government’s reserves through over-the-counter (OTC) channels to mitigate any adverse effects on the market. As the founder of TRON blockchain, Sun aims to protect the industry amidst the influx of seized Bitcoins being funneled into centralized crypto exchanges.
In a recent statement posted on X, Sun expressed his willingness to engage in negotiations with the German authorities to acquire all Bitcoins outside of regular market channels, emphasizing his goal to minimize disruption. However, specific details and a timeline for this potential transaction were not disclosed.
This move aligns with ongoing transfers of confiscated Bitcoins associated with German government addresses to platforms like Kraken, Coinbase, and an unattributed wallet, despite Bitcoin’s recent decline below the $60,000 mark. It remains unclear whether these assets were liquidated or retained within exchange holdings.
As previously reported by crypto.news, the German Federal Criminal Police Office (BKA) has been overseeing the transfer of multiple Bitcoins to various centralized exchanges. The BKA has not issued public statements regarding the disposition of these Bitcoins at the time of this writing.
According to Arkham’s data, the German government still holds more than 40,000 Bitcoins, valued at over $2 billion at current market rates. The BKA initially seized nearly 50,000 Bitcoins from the operators of Movie2k.to, a popular piracy website, back in 2013. The transfer of these Bitcoins to the BKA occurred in mid-January following a voluntary handover by the suspects, as announced in a press release by German police officials.
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