Germany Dumping $2.8B Bitcoin (BTC) Is ‘Market Intervention,’ Despite Murky Legal Justifications

Germany seized about 50,000 bitcoin in January from the operator of Movie2k.to, a website the state of Saxony found guilty of money laundering and other illegal activities. The state, with the help of Frankfurt-based German securities trading bank Bankhaus Scheich Wertpapierspezialist AG, and the Federal Criminal Police Office, sold about 49,858 bitcoin between June 19 and July 12, securing 2.6 billion euros ($2.8 billion), according to a statement on Wednesday.