New information from Arkham indicates that German authorities may have overlooked a significant stash of Bitcoins linked to the shut-down piracy site Movie2K.
Unknown Bitcoin Stash
According to Arkham, over 45,000 Bitcoins, worth nearly $5 billion, remain untouched in wallets. These funds are allegedly tied to Movie2K's operators and have remained dormant since 2019.
Sale of Seized Bitcoins
In January 2024, police seized nearly 50,000 BTC from individuals connected to Movie2K. This Bitcoin was sold in July 2024 for $2.89 billion at an average price of $57,900 per coin. Later, disputes arose regarding the timing of this operation, especially as Bitcoin's value doubled toward the end of the year.
Issues for Authorities
Arkham's new data indicates the story of Movie2K might not be over. To seize the remaining Bitcoins, prosecutors would need to demonstrate a connection between these funds and Movie2K's illegal activities in court. However, this would require additional efforts to identify the wallet controllers.
The discovery of additional Bitcoins may pose serious challenges for German authorities, highlighting the complexities of managing digital assets and potential legal hurdles.
