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Tron founder Justin Sun has offered to purchase $2.3 billion in Bitcoin from the German government to prevent adverse market effects from a large-scale sale.
Sun's Market Impact Concerns
Justin Sun, founder of Tron, has made an offer to purchase Bitcoin holdings held by the German government that are valued at more than $2.3 billion.
According to Cointelegraph, the well-known cryptocurrency pioneer has stated that he might be willing to buy Bitcoin directly from the market in order to mitigate the adverse effect that selling would have on the price.
The offer was publicized by Sun in a post that he made on July 4, X, to his 3.5 million followers
A transfer of 6,500 Bitcoins, which was valued at more than $425 million, was carried out by the German government-labeled wallet on June 19, which was the first time that suspicions were raised over the sale of Bitcoin.
The market selling the remaining holdings might have a negative impact on the price of Bitcoin, which is why the wallet became a hot issue among traders was because of this potential impact.
The wallet had almost 50,000 BTC in its possession prior to the first transfer, which occurred in February of 2024. It is thought that the cash were taken from Movie2k, which is the operator of the website associated with pirated movies.
German Government's Crypto Activity
Arkham Intelligence identified the cryptocurrency wallet as belonging to the "German Government (BKA)," an abbreviation for the Federal Criminal Police Office of Germany.
The BKA made a seizure of 50,000 Bitcoins in Dresden in January from the operator of the pirate movie website Movie2k, which is thought to be the source of these monies.
Despite the fact that it is not yet known whose authority is selling the Bitcoin, a representative for the BKA has confirmed that the criminal unit does not already possess the Bitcoin that was confiscated.
The BKA's spokeswoman, Kristina Sawazki, sent the following in an email to the publication Cointelegraph:
“In principle, the sale or conversion of seized Bitcoins into Euros is the responsibility of the relevant public prosecutor’s office or court. The proceeds of seized assets are paid to the Land Revenue Office of the place where the competent court has its seat, in accordance with Article 60 of the Code of Criminal Procedure. The BKA only preserves crypto-assets seized or confiscated in the course of investigations for the public prosecutor’s offices.”
Bitcoin has been steadily sold by the German government-labeled wallet since mid-June.
Ongoing Bitcoin Sales
Part of the $172 million in Bitcoin that the wallet sent out in its most recent transfer on July 4 went to three well-known CEXs, among other crypto wallets.
Bitstamp, Coinbase, and Kraken all received $75 million worth of Bitcoin, which could indicate that the wallet is planning to sell some of its holdings.
The German government-tagged wallet deposited $52 million worth of Bitcoin two days earlier, on July 2. Coinbase received 100 Bitcoin, Bitstamp received 150 Bitcoin, and the Kraken exchange received 32.74 Bitcoin.
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