Justin Sun eyes $2.3 billion German Bitcoin stash despite community skepticism

Justin Sun claims to beryllium funny successful buying the German government’s extended Bitcoin stash, estimated to beryllium valued astatine $2.3 billion.

In a July 4 connection connected X, the Tron laminitis said:

“I americium consenting to negociate with the German authorities to acquisition each BTC off-market successful bid to minimize the interaction connected the market.”

The German authorities acquired the BTC holdings earlier successful the twelvemonth erstwhile they seized nearly 50,000 BTC from the piracy tract Movie2k.to.

Last month, the authorities began divesting immoderate of these assets via centralized exchanges similar Coinbase, Bitstamp, and Kraken. As of property time, it had sold the Bitcoin to a equilibrium of 40,359 BTC, worthy $2.3 billion, according to the Arkham Intelligence dashboard.

Market experts pointed retired that these activities had further exacerbated the existent selling unit connected the flagship integer asset, which has declined by astir 20% during the past 30 days to a two-month debased of $57,089.

Community reacts

While respective assemblage members welcomed Sun’s intention, immoderate pointed out that the tweet follows his signifier of “inserting himself successful the story.”

Meanwhile, Mikko Ohtamaa, the CEO of Trading Strategy, opined that portion Sun has the idiosyncratic funds to propulsion disconnected the deal, immoderate European authorities would beryllium unwilling to merchantability to a non-compliant purchaser to forestall the assets from returning to criminals. He wrote:

“Mr Sun has $7 cardinal successful his idiosyncratic assets, truthful helium could really propulsion this off. However immoderate EU authorities is unwilling to merchantability to non-compliant purchaser (BTC would instrumentality to the hands of criminals).”

Similarly, Simon Dixon, the CEO of BnkToTheFuture, questioned if Sun could walk the owed diligence progressive successful the transaction process.

Over the past year, Sun has faced sizeable legal challenges, with the US Securities and Exchange Commission (SEC) alleging that helium and his companies violated section securities law.

The station Justin Sun eyes $2.3 cardinal German Bitcoin stash contempt assemblage skepticism appeared archetypal connected CryptoSlate.