What happened?
Crypto analytics firm Arkham has reported that German authorities may have overlooked a substantial amount of Bitcoin, around 45,000 BTC, linked to the movie piracy site Movie2K. This stash, which has remained untouched since 2019 and is likely still under the control of the original Movie2K operators, is worth nearly $5 billion.
Who does this affect?
This information directly impacts the German authorities who previously seized and sold 49,858 BTC from Movie2K in 2024, netting around $2.8 billion. The newly identified BTC, if proven to be related to criminal activities and if authorities are able to gain access, could be an additional potential $5 billion for the German government.
Why does this matter?
The discovery of this substantial amount of untouched Bitcoin has market implications. If these assets are eventually seized and sold, it could bring a considerable influx of cash into the German economy. However, gaining access to these cryptocurrency wallets can be a lengthy and complex procedure, potentially affecting the pace at which the market might see this impact.