TLDR
- Arkham Intelligence identified 45,000 Bitcoin still tied to the Movie2K piracy case.
- The Bitcoin has remained untouched across more than 100 wallets since 2019.
- German authorities seized and sold nearly 50,000 BTC in early 2024 but did not mention the additional funds.
- The 45,000 BTC is currently worth over $5 billion based on today’s market prices.
- Lawmakers criticized Germany for selling seized Bitcoin before its price doubled.
A recent analysis by Arkham Intelligence has identified 45,000 Bitcoin, worth $5 billion, still linked to Movie2K. These assets remain unmoved in over 100 wallets controlled by the piracy site’s former operators. The discovery casts new doubt on Germany’s seizure strategy and digital asset management.
German Seizure Missed $5B in Bitcoin
Arkham confirmed that the 45,000 Bitcoin remained idle across multiple wallets since 2019. This stash is separate from the 49,858 BTC previously seized and sold by German police. Arkham stated that “about 45,000 BTC were additionally identified…that had not moved since 2019.”
BREAKING: ARKHAM IDENTIFIES $5B BTC THAT THE GERMAN GOVERNMENT FAILED TO SEIZE
German police seized 49,858 BTC from the operators of Movie2K, a film piracy website, in early 2024. The government sold it in July 2024 for $2.89B at an average price of $57,900.
It appears that… pic.twitter.com/l0w0OkdU0H
— Arkham (@arkham) September 5, 2025
German authorities claimed full seizure in early 2024 following the voluntary surrender of nearly 50,000 BTC. However, Arkham’s findings suggest a significant portion of Bitcoin holdings was missed or overlooked. These coins are still under the control of unidentified parties from Movie2K.
The inactivity of these wallets has raised fresh legal and technical questions. Authorities may face new challenges in recovering these untouched assets. Their silence in official reports indicates the BTC might still be beyond government reach.
Missed Profits Spark Criticism Over Liquidation Strategy
Germany sold the 49,858 BTC in June and July 2024 for about $2.89 billion at an average price of $57,900. At current rates, that amount would now be worth over $5 billion, doubling potential returns. Arkham confirmed the government’s sale did not mention the additional 45,000 BTC.
Officials justified the sale by warning of a possible ten percent value loss if the market shifted. Yet, Bitcoin has since surged past $123,000, hitting an all-time high and exceeding expectations. Lawmaker Joana Cotar openly criticized the early liquidation as financially short-sighted.
She wrote that “Germany could have secured far greater returns by holding.” Cotar has urged the government to consider building sovereign Bitcoin reserves. Such a move could shift Germany’s position globally among Bitcoin-holding nations.
Strategy Divide Widens Within German Leadership
Joana Cotar recently advocated for legal Bitcoin adoption and sovereign digital reserves to strengthen Germany’s fiscal strategy. She argued that holding seized Bitcoin could provide future economic advantages. Her stance directly contradicts the views of Bundesbank President Joachim Nagel.
Nagel has repeatedly warned against Bitcoin, calling it too volatile for national reserves. He compared it to the Tulip Mania bubble of the 1600s. His view reflects Germany’s broader resistance to integrating Bitcoin into formal policy.
Meanwhile, other countries such as El Salvador have embraced Bitcoin in national reserves. El Salvador’s strategic wallet management drew praise from cybersecurity experts. The debate in Germany continues as digital assets reshape global finance.
