German authorities sell almost 50K bitcoins

The Dresden Public Prosecutor’s Office, in collaboration with Bankhaus Scheich Wertpapierspezialist AG, has successfully completed the sale of approximately 49,858 bitcoins between June 19, 2024, and July 12, 2024.

The sale, supported by the Federal Criminal Police Office, yielded proceeds totaling 2,639,683,413.92 euros.

These bitcoins were part of the “movie2k” complex under criminal proceedings at the Leipzig Regional Court. Pursuant to Section 111p of the Code of Criminal Procedure, an emergency sale was initiated due to the risk of significant value loss, which was evident from the volatile nature of bitcoins.

The sale was conducted in small tranches over about three and a half weeks, ensuring minimal disruption to the market. Despite unforeseen circumstances and daily price fluctuations, a fair market price was consistently achieved.

The proceeds, initially earmarked for the criminal proceedings, are securely held pending final judicial decisions. This landmark emergency sale marks the first of its kind in Germany, ensuring compliance with legal requirements and fair market practices throughout.

Attribution: Sachsen.