Arkham Intelligence has flagged roughly 45,000 Bitcoin tied to the Movie2K piracy case that haven’t moved since 2019, a discovery that raises contemporary questions on what was missed when German authorities dealt with the sooner seizures.
At present costs, these cash are price practically $5 billion, placing renewed scrutiny on Berlin’s selections final yr.
Arkham Tracks Dormant Movie2K Holdings
Based on Arkham, the dormant stash sits throughout greater than 100 wallets linked to the defunct Movie2K website. Stories have disclosed that Movie2K operators had been arrested in 2019, and that German authorities recovered practically 49,858 BTC in January 2024.
These cash had been later bought off in June and July 2024. The newly recognized 45,000 BTC, nonetheless, confirmed no motion after 2019, suggesting management by the identical operators quite than state custody.
BREAKING: ARKHAM IDENTIFIES $5B BTC THAT THE GERMAN GOVERNMENT FAILED TO SEIZE
German police seized 49,858 BTC from the operators of Movie2K, a movie piracy web site, in early 2024. The federal government bought it in July 2024 for $2.89B at a median worth of $57,900.
It seems that… pic.twitter.com/l0w0OkdU0H
— Arkham (@arkham) September 5, 2025
Authorities Offered Earlier Holdings At Decrease Costs
Based mostly on reviews, the January 2024 seizure — near 49,860 BTC — was liquidated at a median worth of $57,900, producing about €2.64 billion, or roughly $2.90 billion.
Germany defended the transfer by warning of a attainable “important lack of worth of round 10% or extra” if it held the cash longer.
Market costs have since climbed, and Bitcoin has reached an all-time excessive above $123,000, making the sooner sale look, in uncooked numbers, like a big missed upside.
Authorized And Technical Hurdles Stay
The brand new discovering doesn’t routinely imply these wallets could be taken by the state. Authorized steps can be required to show possession and to safe courtroom orders.
Technical challenges exist too: dormant keys, advanced custody chains, and cross-border hyperlinks can all gradual or block enforcement.
Analysts say restoration is feasible in some instances, however it’s hardly ever fast or easy. If one other massive tranche of cash had been to be moved into markets, it might create stress just like what was seen after the mid-2024 disposals.
Debate Over State Bitcoin Reserves
Joana Cotar, a German lawmaker and Bitcoin supporter, wrote an open letter urging a rethink. She argued that holding confiscated Bitcoin as a sovereign reserve might have produced far bigger returns for the state.
On the identical time, Bundesbank President Joachim Nagel has warned that Bitcoin is unstable and in contrast its surge conduct to Tulip Mania – a monetary bubble that occurred within the Dutch Republic throughout the early 1600s. It’s usually known as the primary recorded speculative bubble in historical past.
Different international locations have taken completely different paths. Stories be aware that El Salvador not too long ago shifted $678 million in Bitcoin into 14 wallets to protect towards quantum dangers whereas preserving the holdings seen on the blockchain.
Featured picture from Unsplash, chart from TradingView
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