German Government receives back $141 Million in bitcoins from exchanges and entities
Late last night, the German government wallet responsible for transferring significant amounts of bitcoins to exchanges and market entities received an influx of 2,442 bitcoins.
According to data from Arkham, the wallet received 903 bitcoins ($52.3 million) from the crypto exchange Kraken. Additionally, 1,529 bitcoins ($88.6 million) were transferred from currently unlabeled addresses on the onchain analytics platform. The German government also received ten bitcoins ($575,000) from Bitstamp.
These inflows follow a significant outflow of more than 10,853 bitcoin (worth $637.7 million at the time) from the wallet to exchanges and entities the previous day. The Block had reported this massive transfer.
Steven Zheng, The Block’s Research Director, suggested that the return of bitcoin to the German government wallet might indicate unsold bitcoins as part of a sale agreement between the crypto exchange and the country.
These recent transfers align with the German government’s strategy to sell 50,000 confiscated bitcoin seized from the now-defunct film piracy website Movie2K in January.
Joana Cotar, a member of the German Bundestag and a bitcoin advocate, criticized the government’s decision to “hastily” sell the bitcoins without a comprehensive bitcoin strategy, calling it “counterproductive.”
