Germany Sells Seized Bitcoins Worth $300M, More to Come
German authorities are reportedly selling seized Bitcoins, with around 5,000 BTC worth approximately 300 million USD already sold. These BTC were taken from the Movie2k platform by the Saxon LKA, which still holds around 44,692 BTC, currently valued at around 2.6 billion USD.
The Saxon General Prosecutor's Office is overseeing the sale, with the BKA involved only for technical reasons. The funds from the auction are going to unidentified spending points related to law enforcement operations. The recipients of the funds are not publicly disclosed.
The seized assets can only be disposed of and transferred to the budget once a final court judgment is made. In Saxony, proceeds from seized goods go to the general state budget. An 'emergency disposal' can be initiated if the goods are at risk of rapid depreciation. If the value exceeds 500,000 USD, 52.5% goes to the Ministry of the Interior and 22.5% to the Ministry of Justice.
The sale of the seized BTC is ongoing, with the majority of the initial 50,000 BTC still to be sold. The proceeds will contribute to the general state budget of the Free State of Saxony, with specific allocations depending on the final value of the seized assets.
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