German Authorities' Sale of 50,000 Bitcoin Nets Record $2.88 Billion, €2.6 Billion Frozen

    German Authorities' Sale of 50,000 Bitcoin Nets Record $2.88 Billion, €2.6 Billion Frozen

    Jul 17, 2024, 01:34 PM

    German authorities have concluded an emergency sale of nearly 50,000 Bitcoin, generating a record-breaking $2.88 billion. The sale, executed between July 8th and 9th, was conducted irrespective of Bitcoin price and market conditions, according to officials. The funds, amounting to €2.6 billion, are currently frozen pending legal action. The sale caused significant market turbulence, with 3,840 Bitcoin worth $220.7 million being offloaded within a short period. The Dresden Prosecutor's office described the proceeds as 'unprecedented.'

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