- To reduce market impact, Justin Sun offers to buy all BTC that the German government has seized.
- Bitcoin was seized from the illegal streaming platform Movie2k.to as part of a cybercrime crackdown.
Today, founder of TRON (TRX) Justin Sun offered to buy all remaining Bitcoin (BTC) owned by the German government. This notable offer is in line with the confiscation of $2.3 billion in BTC from the movie pirate platform Movie2k.to by the German police.
Background of the Seizure
Seized as part of a more general crackdown on unlawful streaming platforms, the Bitcoin in issue was many times connected to different kinds of cybercrime. These platforms are also related to the Movie2k.to case.
It underlined a rising trend whereby law enforcement authorities are progressively focusing on illegal digital resources. This crackdown is a component of more general initiatives to reduce digital space unlawful activity.
Justin would Sun’s offer to buy the seized bitcoin is meant to have the least impact on the market. A large volume of Bitcoin sold on the open market can cause notable price fluctuations and a possible disturbance of the market.
Sun wants to absorb these assets by making a private purchase, therefore avoiding a rapid drop in the market value of Bitcoin. This approach shows a great grasp of market dynamics and the possible consequences of extensive Bitcoin liquidations.
Given Sun’s knowledgeable and forward-looking attitude, blockchain researcher Collin Brown has complimented his action.
#TRON (TRX) founder Justin Sun offers to buy all remaining #Bitcoin from the German government to minimize market impact. Cool offer! 🚀🚀🚀
They currently hold $2.3 billion in #BTC, which they seized from the movie piracy platform https://t.co/IvJB1aH9ZQ. pic.twitter.com/WSpnceot1y
— Collin Brown (@CollinBrownXRP) July 4, 2024
Current Market Conditions
Meanwhile, data from CoinMarketCap shows that Bitcoin’s price at the time of writing is over $57,336.64. Over the past seven days, BTC has shown a bearish trend, with a drop of 4.93% over the last 24 hours. This recent volatility emphasizes the need of prudent market methods, such Sun’s offer, to prevent aggravating price variations.
Justin Sun is not new to the crypto scene in terms of headlines. Previously, according to a prior report by Crypto News Flash, he has underlined how important meme coins are in separating the crypto sector from conventional finance.
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