German Bitcoin Transaction Yields Record €2.6 Billion: Dresden Prosecutor

German law enforcement has officially concluded their “emergency sale” of nearly 50,000 Bitcoin, which resulted in an “unprecedented” $2.88 billion (€2.639 billion) gain for the agencies involved. The Bitcoin was seized in January during an investigation into piracy websites and money laundering. The sale, which took place between June 19 and July 12, was coordinated by the Saxon Police, the Dresden Public Prosecutor’s Office, and Bankhaus Scheich.

The prosecutor’s office clarified that the sale was conducted to prevent significant value loss, as required by law when authorities anticipate a 10% or more decrease in value. The sale was not influenced by Bitcoin’s price or market conditions, and the goal was to execute it swiftly.

The Bitcoin was sold on various platforms, including centralized exchanges like Kraken and Coinbase, as well as over-the-counter firms like Flow Traders and Cumberland DRW. The market volatility during the sale period led to the liquidation of significant derivatives contracts. Despite fluctuations, Bitcoin has since recovered and is trading higher than when the sale began.

Controversial Tron founder Justin Sun had expressed interest in purchasing the remaining Bitcoin, but there has been no official response to his offer. The proceeds from the sale are being held until the conclusion of the criminal proceedings. The seized Bitcoin was sold to prevent further value loss due to its volatile nature.

Edited by Stephen Graves.