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Predicting who made this proposal is definitely not difficult for seasoned cryptocurrency investors. Yes, the first name that comes to mind made this proposal. During the Terra collapse and the FTX bankruptcy, the same proposal was made in almost all similar major events in the crypto space, but none reached a conclusion.
Justin Sun on Stage
The time has come for Tron founder Justin Sun to take the stage. Crypto is falling, investors are sad, and a hero is needed. Sun did what was expected of him and wrote that he wanted to negotiate with the German government to buy their BTC to prevent further declines in cryptocurrencies.
Justin Sun, who has been involved in many controversial events and resembles figures like Do Kwon and SBF, is the only one who has remained standing for years. He has always been viewed with suspicion in countless events, from his own stablecoin to his exit from China.
“I am ready to negotiate with the German government to buy all BTC off-market to minimize the impact on the market.”
This statement, shared at the time of writing, aimed to prevent the risk of further sales in crypto. However, BTC was hovering near its daily low at $57,160 at the time of writing.
Germany’s BTC Sales
When the first transfer was made on June 19, Germany’s BTCs made headlines. 6,500 BTC worth $425 million was sent to exchanges for sale. Since February 2024, the government, which holds 50,000 BTC, had seized these assets during an operation against the pirate streaming platform Movie2k.
The wallet holding the assets was labeled by the Arkham Intelligence platform as “German Government (BKA),” referring to the country’s Federal Criminal Police Office. A BKA spokesperson confirmed that the seized assets were not being held.
“In principle, the sale or conversion of seized Bitcoins into Euros is the responsibility of the relevant prosecutor’s office or court. The proceeds from the seized assets are paid to the Treasury of the location of the competent court in accordance with Section 60 of the Code of Criminal Procedure. The BKA only retains seized or confiscated crypto assets during investigations conducted for prosecutors.”
Germany continues to sell BTC, and the simultaneous headlines of the U.S. moving its assets and the MTGOX refunds are the biggest reasons for today’s crypto situation.
