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Arkham Identifies $5 Billion in Dormant Movie2K Bitcoin, Prompting Scrutiny of Germany’s Seizure

The newly published analysis points to roughly 45,000 BTC across more than 100 wallets that have not moved since 2019.

How Germany’s missed Bitcoin haul can decide BTC’s next big move
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Overview

  • Arkham says about 45,000 BTC tied to Movie2K sit across 100-plus addresses, dormant since 2019 and likely still controlled by the site’s operators.
  • German authorities previously recovered nearly 50,000 BTC from Movie2K and sold 49,858 BTC in June–July 2024 for roughly $2.9 billion at about $57,900 per coin.
  • Bitcoin has since traded above $120,000, intensifying criticism that the 2024 sale left billions in potential gains on the table.
  • Officials have not confirmed control of the newly flagged coins, and any move to seize or sell them could pressure prices given thinner market liquidity.
  • The finding rekindles Germany’s policy divide, with lawmaker Joana Cotar urging a sovereign BTC reserve and Bundesbank chief Joachim Nagel deeming Bitcoin unsuitable for state holdings.