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

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, known for his cryptocurrency ventures such as Tron and BitTorrent, made the offer on July 4 via a post to his 3.5 million followers on X, a decentralized social media platform.

“I heard that the German government is planning to sell confiscated Bitcoin. If they are worried about the market impact, I can buy $2.3 billion + BTC directly from the market to hedge,” wrote Sun.

Suspicions that a large-scale Bitcoin sale by the German government began on June 19, when a wallet tagged as "German Gov (BKA)" by crypto tracking service Etherscan moved 6,500 BTC ($425 million at the time).

The wallet, which is said to belong to the Federal Criminal Police Office of Germany (BKA), was found to be making regular Bitcoin transfers throughout the past month.

Etherscan shows that the wallet, which had nearly 50,000 BTC in February 2024, has now sold a significant portion of its holdings in several transactions, with the remaining BTC valued at around $320 million.

According to a previous report by crypto intelligence firm Arkham Intelligence, the BKA confiscated 50,000 Bitcoins in Dresden from the operator of the pirate movie website Movie2k.

However, a BKA spokesperson told Cointelegraph that the criminal unit does not currently have the confiscated Bitcoin in its possession.

“As a matter of principle, the sale or conversion of seized Bitcoins into euros is the responsibility of the relevant public prosecutor’s office or court,” explained Kristina Sawazki, BKA spokeswoman, in an email to Cointelegraph.

“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 Section 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.”

The wallet has been slowly selling بخشی از بیت کوین موجود در آن را به طور منظم منتقل می‌کند، که به گفته برخی از معامله گران ممکن است به فروش تدریجی بیت کوین‌های باقی مانده در آن اشاره داشته باشد.

The large-scale Bitcoin sales began in mid-June and have continued since then, with بخشی از 172 میلیون دلار بیت کوین که در آخرین انتقال خود در 4 جولای انجام داد به سه صرافی متمرکز بزرگ و چندین کیف پول ارز دیجیتال دیگر منتقل شد.

Among the crypto wallets that received a portion of the 1,850 BTC that the wallet moved on Thursday were those belonging to major crypto exchanges Bitstamp, Coinbase, and Kraken, which each received around 75 million in stablecoins pegged to the U.S. dollar.

Two days prior, the German government-tagged wallet also deposited a total of $52 million in Bitcoin into the addresses of Coinbase, Bitstamp, and Kraken exchange.

While 100 Bitcoin were sent to Coinbase and 150 Bitcoin were credited to Bitstamp, the Kraken exchange received 32.74 BTC from the wallet.

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