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Arkham has identified the entity as an address belonging to the German Federal Criminal Police Office, which had seized almost 50,000 BTC from a piracy site.

Tuesday’s movements come days after the entity shifted $425 million among wallets, with some bitcoin transferred to exchanges.

The German Attorney General's Office Frankfurt am Main (Generalstaatsanwaltschaft) and the country’s Federal Criminal Police Office (BKA) have shut down 47 crypto exchanges allegedly tied to criminal activities including money laundering.

Police in Germany have provisionally seized 50,000 bitcoin worth $2.17 billion in what it is calling its largest seizure to date.

The machines were operating without the required BaFin permission and posed money laundering risks, the statement by BaFin said.

Traditional finance institutions are increasingly exploring ways of putting assets like bonds, credit and funds on blockchain rails, known as RWA tokenization, to pursue operational benefits.

The bank released a cryptocurrency custody platform in November.

The first banks will be connected this year, with a phased roll out for selected retail customers.

LBBW will first offer crypto custody to corporate clients with a market launch planned for the second half of 2024.

A six-step framework for reliable success.