New reports from blockchain intelligence firm Arkham claim that German authorities may have overlooked another massive stash of Bitcoin linked to the shuttered piracy site Movie2K.
Arkham states that more than 45,000 Bitcoins, worth nearly $5 billion at today’s prices, still sits untouched in wallets. And are allegedly tied to the site’s operators. These claims come months after German prosecutors wrapped up one of the country’s largest-ever Bitcoin sales.
In January 2024, police seized nearly 50,000 BTC from individuals tied to Movie2K. That haul was liquidated between June and July, netting around $2.8 billion at an average sale price of $57,900 per coin.
🇩🇪 GERMANY FAILED TO SEIZE $5B $BTC
After selling $2.9B seized BTC in 2024, Arkham found over 45k ($5B) $BTC from Movie2K still remains. pic.twitter.com/zMV1DTfhLw
— Coin Bureau (@coinbureau) September 6, 2025
By year’s end, however, Bitcoin had doubled in value, sparking criticism that Germany sold too early. Prosecutors defended the decision by pointing to laws requiring the rapid liquidation of volatile assets to prevent steep losses.
New Problems for Authorities?
Arkham’s findings suggest the story isn’t over. The firm said its analysis traced 45,060 Bitcoin across more than 100 wallets connected to earlier Movie2K movements. The coins have remained dormant since 2019 and were not included in the government’s previous seizures.
“This is most likely still under the control of the Movie2K operators,” Arkham noted, highlighting that German authorities have not publicly acknowledged this additional stash.
If verified, the discovery raises both legal and logistical hurdles. To seize the funds, prosecutors would need to demonstrate in court that the Bitcoin is directly tied to Movie2K’s illicit operations. Even then, the wallets remain inaccessible until investigators identify their controllers and gain cooperation similar to the initial seizure.
At current market levels, the newly flagged holdings are valued just under $5 billion, a figure that briefly touched $5.6 billion when Bitcoin hit its August peak of $124,000. The potential windfall underscores how much is at stake in Germany’s ongoing pursuit of Movie2K’s digital fortune.
Whether this latest finding leads to another record-breaking seizure remains uncertain. But for now, Arkham’s disclosure adds another twist to a saga that has already seen Germany miss out on billions. It also highlights the challenges governments face in handling volatile digital assets.
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