LKA Saxony: Bitcoin stock drops below $1 billion

The LKA Saxony is still working hard to get rid of their Bitcoin. According to the latest data from blockchain analytics firm Arkham Intelligence, the stock has now dropped below $1 billion. Currently, the authority's wallet still has 15,552 BTC worth about $900 million.

In the past 24 hours alone, LKA has sold just over 8,400 Bitcoin. The record sale, however, was on Monday, when they sold 12,000 BTC in a single day.

Much of the cryptocurrency appears to be sold through OTC sales (transactions not conducted on an official exchange). For example, 3,250 BTC went to Liquidity Provider B2C2 Group. In addition, stocks also keep showing up on well-known crypto exchanges such as Kraken, Bitstamp or Coinbase.

The Bitcoins originally came from the illegal streaming platform "Movie2k.to." The LKA Saxony seized 50,000 BTC in January - worth about $2.7 billion. Proceeds from the sales all go to Saxony's state treasury.