Germany’s handling of confiscated crypto has come under fresh criticism after blockchain sleuths revealed a trove of Bitcoin tied to the Movie2K piracy scandal remains unaccounted for.
The coins, worth nearly $5 billion, have been sitting idle for years — raising questions over whether Berlin truly wrapped up one of Europe’s largest digital asset seizures.
Billions Left Off the Books
Investigators at Arkham Intelligence say they’ve tracked 45,000 BTC across more than 100 wallets associated with Movie2K. These addresses have shown no movement since 2019, long before German authorities announced the recovery of nearly 50,000 BTC from the site’s operators last year. Those officially surrendered coins were sold in the summer of 2024 for about $2.9 billion, at prices averaging just under $60,000 per coin.
With Bitcoin now trading above $120,000, that liquidation looks mistimed — and the newly discovered stash only sharpens the criticism. If German officials missed or failed to pursue these additional holdings, the country may have passed up billions more in potential value.
Divided Views on Bitcoin Policy
The debate cuts deeper than one case. Lawmakers like Joana Cotar argue that Germany should hold Bitcoin as a sovereign reserve, treating it as a strategic asset rather than dumping it into the market. She has even floated the idea of recognizing Bitcoin as legal tender.
Others remain staunchly opposed. Bundesbank president Joachim Nagel has compared Bitcoin to the 1600s tulip craze, calling it unsuitable for state reserves. That skepticism has kept Germany from joining nations such as El Salvador, which not only adopted Bitcoin as legal tender but recently reorganized its $678 million stash into multiple wallets to bolster security.
Market Implications
Whether Berlin attempts to seize and sell the newly uncovered BTC remains unclear. Past sales by German authorities briefly created selling pressure, though markets eventually absorbed the flows. A fresh liquidation of 45,000 BTC could still rattle traders given today’s thinner liquidity conditions.
For now, the coins remain dormant, leaving an open question: are they still in the hands of Movie2K’s operators, or has Germany simply overlooked a fortune that could reshape its standing in the global Bitcoin economy?
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/germany-sold-its-bitcoin-early-but-5b-more-may-still-be-out-there/