Germany May Have Overlooked $5B in Bitcoin Linked to Movie2K Case

German prosecutors may have underestimated the scale of cryptocurrency tied to a piracy investigation, with crypto intelligence firm Arkham revealing that over 45,000 Bitcoin — worth nearly $5 billion — remains connected to the shuttered Movie2K site.

Authorities previously celebrated what they described as the largest Bitcoin seizure in German history, when nearly 50,000 $BTC was handed over by two suspects in January 2024. Those coins were sold off between June and July at an average price of just $57,900, generating $2.8 billion. At the time, prosecutors defended the sale as a legal necessity, citing strict rules that require the disposal of volatile assets to minimize potential losses.

However, Bitcoin’s subsequent surge to above $100,000 by December left critics arguing that Germany had effectively left billions on the table. Arkham’s latest findings add a new twist: more than 100 wallets containing 45,060 $BTC linked to Movie2K remain untouched since 2019.

If confirmed, the stash would rival the size of the initial seizure, though German authorities would still need to legally prove the coins’ connection to the piracy site before making a move. Even then, gaining control of the funds would require uncovering the operators who still hold the keys to the wallets.

With Bitcoin hovering just under $111,000, the unclaimed trove is valued at $4.99 billion — and at the cryptocurrency’s August peak of $124,128, it would have been worth nearly $5.6 billion. Whether Germany will pursue this potential second windfall remains uncertain.