German authorities might have missed out on a massive stash of Bitcoin worth close to $5 billion, according to new findings from crypto intelligence firm Arkham. The funds are believed to be connected to the long-defunct piracy website Movie2K, which was investigated by prosecutors in Germany last year.
Back in January 2024, the country made headlines when nearly 50,000 Bitcoins tied to the site were seized. That historic seizure was later liquidated, but Arkham now claims another 45,000 Bitcoin is still sitting untouched in wallets linked to Movie2K. If true, it raises fresh questions about whether the authorities will try to seize it in the future.
The timing is also notable. Since last year, the value of Bitcoin has more than doubled, meaning this untouched stash is now worth almost the same as what Germany sold.
Arkham reported that its platform has tracked 45,060 Bitcoin across more than 100 wallets linked to Movie2K. None of the wallets has shown movement since 2019, suggesting that the coins remain under the control of the site’s former operators.
“These coins are most likely still controlled by Movie2K’s operators,” the firm said. It added that German prosecutors never mentioned this Bitcoin during their investigation last year, nor did it appear in the sales that took place.
At today’s trading price, just under $111,000 per Bitcoin, the stash is worth nearly $5 billion. If it had been sold at Bitcoin’s peak of $124,128 in August 2024, the same coins would have been valued at almost $5.6 billion.
Germany has already faced criticism for how it handled the Bitcoin seized last year. After securing nearly 50,000 coins in January 2024, prosecutors sold them off between June and July at an average price of about $57,900. That brought in around $2.8 billion for the state.
Just months later, the value of Bitcoin surged. By November, the cryptocurrency had jumped above $90,000, and by December, it topped $100,000. At those levels, the coins Germany sold would have been worth more than $5 billion.
Officials defended the move, saying German law requires them to quickly liquidate assets that are considered volatile. According to prosecutors, if there is a risk that the value of an asset could drop by 10% or more, the law dictates it must be sold.
The original seizure happened when two suspects under investigation for running Movie2K voluntarily handed over their Bitcoin. Authorities described the transfer as the most significant seizure of Bitcoin in the country’s history.
Even though Arkham’s discovery suggests another 45,000 Bitcoins are still out there, German authorities cannot immediately seize them. To do so, prosecutors would first have to prove in court that the funds are tied directly to Movie2K and represent illicit gains.
Even if they manage to prove that connection, another challenge remains: they would need to identify and track down whoever controls the wallets before any transfer could take place. Until then, Bitcoin remains beyond the government’s reach.
Arkham’s findings highlight that Germany could still have another chance at a record-breaking seizure. Whether officials choose to pursue this new trove and, if successful, how they decide to handle the funds will be closely watched by both the crypto community and legal experts.