Breaking Crypto News – Key Facts About German Government Bitcoin Transfers

Breaking Crypto News – German Government Bitcoin Transfers Uncovered

Breaking Crypto News – Confiscated Bitcoin was still being sent to a number of well-known cryptocurrency exchanges by the German government. As per Lookonchain’s data, the German government has moved an extra 750 Bitcoin, which is roughly equivalent to $46.35 million.

Bitstamp and Kraken, two cryptocurrency exchanges, received about $15.41 million, or 250 BTC, of this sum. Notwithstanding these transactions, the organization still possesses a sizeable store of Bitcoin—45,609 BTC, valued at an estimated $2.81 billion—in its possession.

What is the Reason for these Transfers?

The information showed that 0.001 BTC, maybe as a test transaction, was also transferred by the German government to Flow Traders. This implies that the government might be looking at other ways to sell the Bitcoin holdings that this trading company is handling. The current changes are part of a wider pattern; during a time of market turbulence, more than 2,000 Bitcoin were sold from an address thought to be associated with the government.

The event happened the day after the German Federal Criminal Police Office (BKA)-linked wallet used to transfer $24 million worth of Bitcoin to the Kraken and Coinbase exchanges was discovered by Arkham Intelligence. An extra $30 million worth of Bitcoin was moved to an alternative untagged wallet. These additions to the $130 million and $65 million in transfers made on June 19 and 20, respectively, are included in these moves.

FAQ

For more up-to-date crypto news, you can follow Crypto Data Space.