{"id":83461,"date":"2024-07-04T11:06:38","date_gmt":"2024-07-04T15:06:38","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83461"},"modified":"2024-07-04T11:06:41","modified_gmt":"2024-07-04T15:06:41","slug":"justin-sun-proposes-buying-germanys-2-3b-bitcoin-stash","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/justin-sun-proposes-buying-germanys-2-3b-bitcoin-stash\/","title":{"rendered":"Justin Sun Proposes Buying Germany’s $2.3B Bitcoin Stash"},"content":{"rendered":"\n

Justin Sun, the founder of Tron, has proposed purchasing the German government's Bitcoin holdings<\/a>, which exceed $2.3 billion.<\/p>\n\n\n\n

\"Justin
Justin Sun Proposes Buying Germany's $2.3B Bitcoin Stash<\/figcaption><\/figure>\n\n\n\n

The well-known crypto originator expressed his willingness to acquire Bitcoin off-market to mitigate the adverse price effects of selling.<\/p>\n\n\n\n

In a July 4 X post to his 3.5 million followers, Sun disclosed the offer:<\/p>\n\n\n\n

\n

\u201cI am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

On June 19, the German government-labeled wallet raised suspicions of Bitcoin selling when it executed a transfer of 6,500 BTC, which is worth over $425 million.<\/p>\n\n\n\n

The wallet became a hot topic among traders due to the potential negative impact on Bitcoin price <\/a>that could result from the market selling the residual holdings.<\/p>\n\n\n\n

Before the initial transmission, the wallet had nearly 50,000 BTC since February 2024. It is suspected that the funds were confiscated from the proprietor of the pirate movie website, Movie2k.<\/p>\n\n\n\n

Dresden's Land Revenue Office may possess the 50,000 BTC.<\/p>\n\n\n\n

The Arkham Intelligence platform identified the crypto wallet as “German Government (BKA),” which is a reference to the Federal Criminal Police Office (BKA) of Germany.<\/p>\n\n\n\n

In January, the BKA confiscated 50,000 BTC from the illegal movie website operator Movie2k in Dresden, which is suspected to be the source of these funds.<\/p>\n\n\n\n

Although the authority selling the BTC is not yet known, a spokesperson for the BKA has affirmed that the criminal unit does not possess the seized Bitcoin.<\/p>\n\n\n\n

A spokeswoman for the BKA, Kristina Sawazki, wrote in an email to Cointelegraph:<\/p>\n\n\n\n

\u201cIn principle, the sale or conversion of seized Bitcoins into Euros is the responsibility of the relevant public prosecutor's office or court. The proceeds of seized assets are paid to the Land Revenue Office of the place where the competent court has its seat, in accordance with Article 60 of the Code of Criminal Procedure. The BKA only preserves crypto-assets seized or confiscated in the course of investigations for the public prosecutor's offices.\u201d<\/em><\/p>\n\n\n\n

Germany's Bitcoin-selling Frenzy<\/h2>\n\n\n\n

Since the middle of June, the German government-labeled client has been consistently selling Bitcoin.<\/p>\n\n\n\n

The wallet transferred $172 million in Bitcoin to multiple crypto wallets, with a portion of the funds headed to three prominent centralized cryptocurrency exchanges (CEXs) in its most recent transaction on July 4.<\/p>\n\n\n\n

The transfer of $75 million in Bitcoin to Coinbase, Kraken, and Bitstamp exchanges\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> indicates that the wallet may be interested in selling the BTC.<\/p>\n\n\n\n

On July 2, the German government-tagged wallet transmitted $52 million in BTC, with 100 BTC being sent to Coinbase, 150 BTC to Bitstamp, and 32.74 BTC to the Kraken exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

Justin Sun, the founder of Tron, has proposed purchasing the German government’s Bitcoin holdings, which exceed $2.3 billion. The well-known crypto originator expressed his willingness to acquire Bitcoin off-market to mitigate the adverse price effects of selling. In a July 4 X post to his 3.5 million followers, Sun disclosed the offer: \u201cI am willing […]<\/p>\n","protected":false},"author":12,"featured_media":24711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[152,711,5291],"class_list":["post-83461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-germany","tag-justin-sun"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/image-155.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83461"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/24711"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}