2024

Bitcoin

TRON

<ul>
 <li><strong>To reduce market impact, Justin Sun offers to buy all BTC that the German government has seized.</strong></li>
 <li><strong>Bitcoin was seized from the illegal streaming platform Movie2k.to as part of a cybercrime crackdown.</strong></li>
</ul>
<p>Today, founder of TRON (TRX) Justin Sun <a href="https://x.com/justinsuntron/status/1808828661401072092" rel="noopener noreferrer nofollow">offered</a> to buy all remaining Bitcoin (<a href="https://www.crypto-news-flash.com/tron-founder-justin-sun-unveils-massive-28613-btc-portfolio-worth-1-638-billion-on-htx-amid-crypto-exchange-speculation/" rel="noopener noreferrer nofollow">BTC</a>) 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.</p>
<h2 id="strong-background-of-the-seizure-strong"><strong>Background of the Seizure</strong></h2>
<p>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.</p>
<p>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.</p>
<p>Justin would Sun’s offer to buy the seized <a href="https://www.crypto-news-flash.com/el-salvadors-bitcoin-law-outshines-european-regulations-in-cryptocurrency-adoption/" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> 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.</p>
<p>Sun <a href="https://www.crypto-news-flash.com/tron-founder-justin-sun-joins-whale-in-mega-180m-ethereum-buying-spree/" rel="noopener noreferrer nofollow">wants</a> 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.</p>
<p>Given Sun’s knowledgeable and forward-looking attitude, blockchain researcher Collin Brown <a href="https://x.com/CollinBrownXRP/status/1808868585961353392" rel="noopener noreferrer nofollow">has</a> complimented his action.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/TRON?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#TRON</a> (TRX) founder Justin Sun offers to buy all remaining <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> from the German government to minimize market impact. Cool offer! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>They currently hold $2.3 billion in <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>, which they seized from the movie piracy platform <a href="https://t.co/IvJB1aH9ZQ" rel="noopener noreferrer nofollow">https://t.co/IvJB1aH9ZQ</a>. <a href="https://t.co/WSpnceot1y" rel="noopener noreferrer nofollow">pic.twitter.com/WSpnceot1y</a></p>
 <p>— Collin Brown (@CollinBrownXRP) <a href="https://twitter.com/CollinBrownXRP/status/1808868585961353392?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 4, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h3 id="strong-current-market-conditions-strong"><strong>Current Market Conditions</strong></h3>
<p>Meanwhile, data from CoinMarketCap shows that Bitcoin’s price at the time of writing is over <strong>$57,336.64</strong>. Over the past seven days, BTC has shown a bearish trend, with a drop of <strong><span style="color: #ff0000;">4.93%</span></strong> over the last 24 hours. This recent volatility emphasizes the need of prudent market methods, such Sun’s offer, to prevent aggravating price variations.</p>
<div class="cryptoboxes" id="mcw-19491" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bitcoin" data-symbol="BTC" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
<p>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 <a href="https://www.crypto-news-flash.com/dogecoin-and-shiba-inu-gain-backing-justin-sun-endorses-meme-coin-movement/" rel="noopener noreferrer nofollow">meme coins</a> are in separating the crypto sector from conventional finance.</p>

Justin Sun Offers to Buy German Government’s $2.3B Bitcoin

Table of Contents

Crypto News Flash

Other articles published on Jul 4, 2024

New Airdrops to Watch July 2024

Hamster Kombat hits 239M users in 81 days — Telegram’s Durov

Solana Price Stuck Within a Bearish Trend, While the SOL Price May Not Plunge Below $100!

Zebu Live 2024: The UK’s Premier Web3 Conference Returns with Steven Bartlett, Coinbase, Solana, ...

End of The Road for Meme Coins? Dogecoin Takes Heavy Losses

CoinDCX Acquires BitOasis: Expanding Horizons in the MENA Region

Join our free newsletter for daily crypto updates!