• In 2024, German authorities seized and immediately sold almost 50,000 BTC that was seized from Movie2K, a movie piracy platform.
• A few days ago, Arkham Intelligence revealed that an additional 45,000 BTC worth about $5B is still tied to Movie2K wallets.

In early 2024, the security officials in Germany successfully seized about 49,858 Bitcoin from a well-known film privacy website. The website movie2k started its operation in 2013, and during the course of its operation, it published movies without the owners’ permission.

In 2019, 6 years later, the operators were arrested, and in 2019, they surrendered 49,858 Bitcoin to the government through a voluntary transfer, and the government immediately sold off the BTC due to risks of price volatility. Three days ago, Arkham Intelligence found $5 billion worth of Bitcoin tied to the piracy site.

Details of the $5 Billion Bitcoin Discovery Report

According to the information shared by Arkham, it is very clear that the German government has left out an additional 45,000 Bitcoin tied to the piracy site. The report shared on Friday showed that the 45,000 Bitcoin (BTC) linked to different wallets and now worth $5 billion as of the time of writing and could have been worth almost $5.6 billion during the mid-August price rally that caused BTC price to hit $122,128 is linked to Movie2K.

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Source: Arkham Intelligence

This amount is very close to what the German police seized in January 2024, when they confiscated 50,000 BTC. The German authorities have been criticized for their decision to sell off all the BTC holdings immediately after the confiscation and potentially miss out on billions in profits had they held their BTC or even a fraction of their token.

Prosecutors defended the decision, saying local laws require quick sales of volatile assets like crypto to prevent losses. In all, it still remains unclear as to how the German authorities will respond to the present case because for them to seize the funds, they must prove in court that the Bitcoin came from Movie2K or other illegal activity.

Even then, they cannot access the assets until they identify who controls the more than 100 wallets flagged by Arkham and gain legal control of them. But so far, there has been no report from the government.

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