- Arkham traced 45,000 Bitcoin (BTC) valued at nearly $5 billion, which has not moved since 2019 and remains tied to the Movie2K piracy network.
- Critics say Germany’s decision to sell seized Bitcoin earlier in 2024 now looks costly as prices have since surged above $123,000.
Germany’s history with seized Bitcoin has just become more complicated. Blockchain analytics firm Arkham Intelligence has uncovered 45,000 BTC tied to the infamous Movie2K piracy case, sitting idle across more than 100 wallets.
Valued at nearly $5 billion today, these coins have not moved since 2019, long before German authorities announced a “voluntary transfer” of roughly 50,000 BTC from the same case in early 2024.
The finding has raised fresh doubts about whether authorities captured the full extent of Movie2K’s digital holdings. It also reignites debate about Germany’s broader approach to managing seized cryptocurrency in an era of record-breaking Bitcoin prices.
BREAKING: ARKHAM IDENTIFIES $5B BTC THAT THE GERMAN GOVERNMENT FAILED TO SEIZE
German police seized 49,858 BTC from the operators of Movie2K, a film piracy website, in early 2024. The government sold it in July 2024 for $2.89B at an average price of $57,900.
It appears that… pic.twitter.com/l0w0OkdU0H
— Arkham (@arkham) September 5, 2025
Dormant Bitcoin Linked to Movie2K Piracy Raises Questions About Germany’s Seizure Strategy
The recent discovery comes months after German authorities sold almost 50,000 BTC and surrendered in early 2024. At the time, officials described it as a “voluntary transfer” by the operators of Movie2K, who were arrested back in 2019. Those coins were sold between June and July 2024, fetching about $2.89 billion when Bitcoin traded at an average price of $57,900.
Arkham’s report points out that the German government’s disclosures never mentioned the additional 45,000 BTC, raising concerns that law enforcement may not have accounted for the full scope of Movie2K’s digital assets.
The German Government sent another 5200 BTC ($297.3M) to Kraken, Bitstamp, Coinbase and 139Po right after we posted this tweet. That makes this the biggest day for them so far – over 16,000 BTC in total.
They currently hold 23,787.7 BTC ($1.35B). Less than half of the BTC… pic.twitter.com/tO7r0J0w08
— Arkham (@arkham) July 8, 2024
Germany’s BTC Liquidation Looks Costly as Private Companies Continue to Accumulate
Officials defended the move earlier this year by arguing that holding large sums of Bitcoin came with risks, particularly the chance of a sudden drop of ten percent or more in value. Instead, Bitcoin (BTC) prices have doubled since then, hitting a record above $123,000 and underscoring the missed potential gains.
Meanwhile, private firms are moving in the opposite direction. Last week, Metaplanet, a Japanese-based investment company, announced that it had purchased 1,009 BTC, bringing its total BTC holdings to 20,000, over $2 billion in value.
The company’s strategy shows a growing confidence among corporations in Bitcoin’s prospects in the long run, a move that is in stark contrast with Germany’s prudent sell-off. The difference in approaches highlights a broader debate: should governments treat seized Bitcoin as assets to liquidate quickly or as strategic reserves to hold?
Arkham’s latest findings suggest this debate is far from over, especially as billions in dormant Bitcoin still sit idle on the blockchain.
