Key Takeaways:
- Justin Sun offers to buy German government’s Bitcoin holdings worth over $2.3 billion to avoid market disruption.
- German government wallet, linked to Movie2k case, has been selling Bitcoin since mid-June, including a notable 6,500 BTC transfer on June 19.
- Recent transfer of $172 million in Bitcoin to exchanges hints at further sales, prompting Sun’s proposal for off-market acquisition.
Tron founder Justin Sun has offered to buy the German government’s Bitcoin holdings, valued at over $2.3 billion, to minimize the negative price impact of market sales.
This offer comes as the German government-linked wallet, believed to contain Bitcoin seized from the pirate movie website operator Movie2k, has been steadily selling its holdings since mid-June.
NEW: Tron founder Justin Sun offers to buy all #Bitcoin from the German Government 🇩🇪
— Bitcoin Magazine (@BitcoinMagazine) July 4, 2024
They currently hold $2.3 billion in BTC pic.twitter.com/wqhibFWvlJ
The wallet’s first notable transfer was 6,500 BTC on June 19, raising concerns among traders.
Recently, on July 4, the wallet transferred $172 million worth of Bitcoin, with a significant portion going to major exchanges like Coinbase, Kraken, and Bitstamp, indicating potential sales.
The German Government is now on Arkham.
— Arkham (@ArkhamIntel) January 31, 2024
The German Federal Criminal Police Office (BKA) seized almost 50,000 BTC ($2.12B) from the operators of https://t.co/ck07DiJUAf, a film piracy website that was active in 2013.
The BKA received the Bitcoin in mid-January after a ‘voluntary… pic.twitter.com/0kC5tOPq6e
Sun’s proposal aims to negotiate an off-market purchase to stabilize Bitcoin prices.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
