Blockchain analytics firm Arkham Intelligence revealed that around 45,060 BTC (≈$5B) linked to the infamous Movie2K piracy case still sits dormant across 100+ wallets. These funds were not part of Germany’s high-profile BTC liquidation in mid-2024, when authorities sold nearly 50,000 BTC for $2.89B. The discovery highlights both forensic gaps and the ongoing market risk posed by large, inactive Bitcoin troves.

Arkham’s Discovery

Arkham Intelligence’s latest analysis found a cluster of wallets holding ~45,060 BTC that can be traced back to Movie2K. These coins have not moved since 2019 and appear to have been overlooked or remained beyond state control during Germany’s 2024 seizures. At current market prices, the stash is worth around $5 billion.

What makes this particularly significant is the scale—the dormant BTC is nearly equal to the coins Germany sold in 2024, meaning the saga might not be over. If any of these wallets become active, the market could face renewed selling pressure or fear-driven volatility.

The 2024 German Liquidation

In January 2024, authorities in Saxony provisionally secured nearly 50,000 BTC tied to Movie2K. Between June and July 2024, Germany sold about 49,858 BTC at an average price of $57,900, netting $2.89 billion.

Officials justified the liquidation as a move to reduce exposure to Bitcoin’s volatility, but critics argued that the timing was poor—BTC later rallied, which meant taxpayers lost out on potential upside. The sale also drew criticism for its market impact, as such large disposals tend to weigh on price momentum.

Now, with Arkham pointing to another massive stash still out there, questions are being raised about whether the seizure process was incomplete or whether new investigative breakthroughs are simply surfacing coins that were previously too well hidden.

Market Implications

1. Supply Overhang: News of a dormant $5B trove, even if untouched, creates psychological pressure. Traders watch such addresses closely, and any movement could spark panic selling.
2. Liquidity Concerns: Should these coins be moved, laundering and OTC sales would be the most likely route. Compliance systems at major exchanges would flag them, but even rumors of movement could rattle markets.
3. Policy Lessons: Germany’s 2024 sale reignited the debate around how governments should handle seized crypto—whether to hold, auction, or liquidate gradually. Arkham’s new discovery could push regulators to draft clearer global standards.

Legal & Forensic Questions

The discovery does not necessarily mean German authorities failed outright—it may be that these wallets were not conclusively linked to Movie2K until now. Attribution is complex, and forensic evidence must be strong enough to hold in court.

Still, the revelation raises uncomfortable questions:

• Were investigators too quick to liquidate what they had without ensuring the entire trove was identified?
• Could law enforcement pursue recovery of the remaining BTC now that stronger attribution exists?
• What legal barriers stand in the way of future seizures?

Numbers at a Glance

• Dormant stash (Arkham): 45,060 BTC ($5B), unmoved since 2019.
• Germany’s 2024 sale: ~49,858 BTC, ~$2.89B proceeds at ~$57,900 per BTC.
• Initial seizure (Jan 2024): ~50,000 BTC provisionally secured by Saxony authorities.

Bottom Line

The Movie2K Bitcoin story isn’t over. While Germany already liquidated a record-breaking trove, Arkham’s findings reveal another massive pile of coins lying dormant—almost the same size. For traders, the risk isn’t that these coins are being dumped today, but that any sudden movement could spook markets. For governments, it’s a reminder that in crypto forensics, partial recovery is not the same as complete resolution.