BREAKING: The Platform Previously Targeted by Germany Is Allegedly Still Holding Over $5 Billion in Bitcoin

Blockchain analysis firm Arkham has revealed that the German government was unable to seize all Bitcoin assets linked to the pirate movie site Movie2K.

In early 2024, German police seized approximately 49,858 BTC from the owners of Movie2K, a platform that was active in 2013 and whose executives were arrested in 2019. These assets were handed over to the state via a “voluntary transfer” in January 2024. The German government generated $2.89 billion (€2.64 billion) by selling these Bitcoins at an average price of $57,900 between June and July 2024. Authorities cited a “risk of a 10% or greater loss of value” as the reason for the sale.

However, according to Arkham’s latest analysis, another Bitcoin cluster linked to Movie2K is still worth around 45,000 BTC. These assets, worth around $5 billion at current prices, have reportedly been dormant since 2019 and are distributed across more than 100 different wallets.

While the German government’s official statements do not mention these additional Bitcoin holdings, the funds in question are thought to still be under the control of Movie2K owners.

*This is not investment advice.