Germany´s "had to sell" exposed

As a German, I need to clarify the rumor that Germany had to sell the Bitcoins.

Germany confiscated the Bitcoins as part of a criminal proceeding against an illegal streaming platform called "movie2k." The public prosecutor's office officially announced that they had to sell these Bitcoins.

They cited Section 111 of the German Code of Criminal Procedure as the basis, stating that they must sell if a value loss of 10% is imminent. However, a closer look at this legislation reveals that this 10% is not explicitly stated. Instead, a confiscated asset can only be sold if there is a significant loss in value or if maintaining it incurs significant costs. In other words, it is at the discretion of the public prosecutor's office whether the asset must be sold.

And the public prosecutor's office in Saxony decided to do so, in collaboration with a Frankfurt bank, the "Scheich Wertspezialist AG." This raises the question: Why now? The Bitcoins were confiscated back in January, meaning the state has already made nearly a 70% profit with the Bitcoins.

A sudden sale, therefore, makes no legal sense.

Delving deeper into the matter, it is noted that it was officially announced that the State of Saxony sold through the bank's OTC (Over-The-Counter) desk. However, if the sale had been OTC, it wouldn't have affected the market price. It was then noticed that the bank sold the BTC OTC to the company Tradias, a subsidiary of the bank. One can assume that Tradias then sold them directly to the market.

This raises the question: was a commission perhaps earned here? Even 5% would amount to 130 million euros, or 140 million dollars. Did someone possibly benefit from this? Maybe even someone from the Dresden/Saxony public prosecutor's office? This is, of course, all hearsay, but it's not entirely far-fetched.

Credits: Hoss