German Police Sell Seized Bitcoins, Fetching Hundreds of Millions
The German police are selling Bitcoins they seized from Movie2k, with around 5,000 coins already sold, fetching roughly 300 million euros. The sale is ongoing, with the General Public Prosecutor's Office Dresden handling the process, while the Federal Criminal Police Office (BKA) monitors the seized BTC.
The sale comes after a court ruling, as confiscated assets can only be sold once there is a legally binding verdict. The BKA may be testing transfers or preparing for further sales. The proceeds are distributed, with 52.5% going to the Ministry of the Interior and 22.5% to the Ministry of Justice if the goods exceed 500,000 euros.
The Saxon government has not commented further on the situation, with Marco Böhme from the Left Party inquiring about the sale but awaiting a response. The proceeds from these sales go to the general state budget of the Free State of Saxony. An emergency sale can be initiated if the asset is likely to lose value rapidly, which is a consideration for volatile Bitcoins.
The sale of seized Bitcoins continues, with around 44,692 coins (around 2.6 billion euros) still to be sold from the 50,000 coins originally seized from Movie2k developers. The distribution of proceeds follows established guidelines, with the Saxon government yet to comment further on the ongoing proceedings.
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