The Dresden prosecutor has reported that the German Bitcoin sale resulted in a “unprecedented” €2.6 billion

The German and Polish nationals from whom the proceeds were confiscated will be detained in detention until the conclusion of criminal proceedings.

According to a press release shared with Decrypt, German law enforcement has officially concluded the “emergency sale” of nearly 50,000 Bitcoin, which resulted in a “unprecedented” $2.88 billion (€2.639 billion). This announcement was made after the agencies emptied their Bitcoin wallets on Friday.

In January, the Bitcoin hoard was seized as part of an investigation into German and Polish nationals who were accused of operating piracy websites and money laundering. The stockpile was valued at approximately $2.1 billion at the time. Their trial is still ongoing.

The prosecutor’s office stated that the proceeds are initially not considered additional income for the Free State of Saxony, but are instead held in custody until the criminal proceedings have been finalized.

The Dresden Public Prosecutor’s Office, the Saxon Police’s Central Office for the Safeguarding, Custody and Utilization of Cryptocurrencies, and German trading firm Bankhaus Scheich collaborated to sell 49,858 BTC between June 19 and July 12.

The office stated that the bank was required to sell the Bitcoins in a manner that was both equitable and considerate on the market during the three-week-long selling frenzy.

The office stated in the release that the Bitcoin price and market conditions were “irrelevant” in its decision to sell the BTC and that it was prohibited from waiting for prices to increase. Rather, the objective was to complete the transaction “as expeditiously as feasible.”

The seized Bitcoin was sold on centralized exchanges such as Kraken and Coinbase, over-the-counter firms like Flow Traders and Cumberland DRW, and one institution that remains unidentified, according to on-chain data compiled by blockchain analytics firm Arkham Intelligence.

Bitcoin was trading at approximately $65,000 on the day of the transactions, but it plummeted to $55,000 on July 4. Market volatility resulted in the liquidation of derivatives contracts valued at hundreds of millions of dollars over the course of three weeks. However, Bitcoin appears to have fully recovered and is currently trading at a higher level than it was on the day that Germany began selling the seized Bitcoin.

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