Bitcoin Seized from Movie2k: €300M Sold, Distribution Unclear
The sale of bitcoin proceeds confiscated from Movie2k by German police has raised questions about their distribution. Around 300 million euros from 5,000 btc have been sold, but the destination of these funds remains uncertain.
The sale was initiated due to the volatile nature of bitcoin, allowing for an emergency sale to prevent potential losses. Despite the sale, around 44,692 bitcoin valued at approximately 2.6 billion euros, remain unsold.
The distribution of the proceeds is governed by specific rules. If the value exceeds 500,000 euros, the funds are split between the Ministry of the Interior (52.5%) and the Ministry of Justice (22.5%). However, the final decision on the distribution of the bitcoin revenues is still pending, as the conclusion of the proceedings has not been reached yet.
Marco Böhme from the Left Party has expressed interest in the sale and distribution of these funds but the exact recipients have not been publicly disclosed.
The sale of bitcoin proceeds from Movie2k has begun, with around 300 million euros from 5,000 btc sold. However, the distribution of these funds remains uncertain, with the Saxon government yet to comment on the matter. The remaining 44,692 bitcoin, valued at approximately 2.6 billion euros, are still to be sold and distributed, pending a legally binding court ruling.
