According to data provided by analytics firm Arkham Intelligence, the German government has failed to seize a total of 45,000 Bitcoins ($5 billion) from the infamous Movie2K piracy website. If the analysis is correct, the operators behind Movie2K still have access to a substantial cryptocurrency fortune.
Saxony's Bitcoin selling spree
Saxony, a state in eastern Germany, sold a total of 50,000 Bitcoins last year after seizing them from the infamous piracy website.
The selling spree attracted strong pushback from the Bitcoin community, and the sale ended up being untimely in hindsight, given that the price of the leading cryptocurrency has greatly appreciated since then.
Untouched stash
Now, Arkham claims to have identified another untouched stash of roughly the same size. At current prices, it is worth more than what the German government has already liquidated.
The coins are hidden across a total of 100 wallets, and it remains unclear whether the German government (or the state of Saxony, to be precise) actually missed these coins entirely.
It remains to be seen whether Saxony will attempt to seize these Bitcoins in the future if Arkham's analysis is actually correct.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team