The German government’s account, which held 50,000 Bitcoins, has today released 6500 BTC worth approximately $425 million. The movements have led many analysts and followers to believe that the German government is selling Bitcoin.

The Bitcoins, known to have been seized from the pirate movie and film platform Movi2k, were transferred to an unknown address. The website, which was last known to have been operational in 2013, was known to have transferred these BTCs to German authorities as a result of an employee’s agreement with security forces.

They were also sent to stock exchanges

Of the 6500 BTC transferred by Arkham, 2500 units were sent to a third wallet. There were 4 separate outflows of 500 BTC each from this address. 2 of these outflows, a total of 1000 BTC, were sent to Kraken and Bitstamp exchanges. The remaining thousand were transferred to unknown addresses.

The US is known as the country with the highest number of BTC obtained from illegal groups in the world. The US government made one of its last major transfers in February and transferred 1 billion dollars worth of Bitcoin seized from the Bitfinex attack.