Arkham Intelligence has flagged around 45,000 Bitcoins tied to a Movie2K copyright infringement case that has not moved since 2019.
At current prices, these coins are worth nearly $5 billion, and last year we have undergone a new scrutiny of Berlin's choice.
Arkham tracks dormant movie 2k Holdings
According to Arkham, dormant stashes are found in over 100 wallets linked to the obsolete Movie2K site. A Movie 2K operator was arrested in 2019, and German authorities reported that in January 2024, nearly 49,858 BTC had been recovered.
These coins were later sold in June and July 2024. However, the newly identified 45,000 BTC has not shown any movement since 2019, suggesting control by the same operator rather than the state custody.
Destruction: Arkham identifies $5 billion BTC that the German government could not seize
German police seized 49,858 BTC in early 2024 from the operator of Movie2K, a website in the movie copyright industry. The government sold in July 2024 at an average price of $57,900 for $28.9 billion.
it is… pic.twitter.com/l0w0okdu0h
– Arkham (@arkham) September 5th, 2025
The government sold its previous holdings at a low price
Based on the report, the January 2024 seizure (close to 49,860 BTC) was liquidated at an average price of $57,900, generating around 2.64 billion euros, or about $2.9 billion.
Germany defended the move by warning that “a significant loss of value of about 10% or more” should the coin be held for a long time.
Market prices have since risen, with Bitcoin exceeding the all-time high of $123,000, showing its previous sales in raw numbers, like a massive rise in sales.
Legal and technical hurdles remain
New discoveries do not automatically mean that these wallets can be acquired automatically depending on their condition. Legal action is required to prove ownership and secure a court order.
There are also technical challenges. Dormant keys, complex custody chains, and cross-border links can all be delayed or blocked enforcement.
Analysts say recovery is possible in some cases, but it's rarely quick or simple. Moving another tranche of coins to the market could put pressure on the same level as what was seen after the disposal in mid-2024.
Discussions on the state's Bitcoin Reserve
German lawmaker and Bitcoin supporter Joana Cotard wrote an open letter urging him to reconsider. She argued that holding forfeitured Bitcoin as a sovereign reserve could generate much greater returns for the state.
At the same time, Bundesbank President Joachim Nagel warned that Bitcoin was unstable and compared its surge behavior to Tulip Mania, a financial bubble that took place in the Dutch Republic in the early 1600s. It is often referred to as the first recorded speculative bubble in history.
Other countries have gone on different paths. Reports say El Salvador has recently shifted $678 million in Bitcoin to 14 wallets to prevent quantum risk while making its holdings visible on the blockchain.
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