German Police Seize 50,000 Bitcoin in Historic Crypto Seizure
German police recently executed a historic crypto seizure, confiscating over 50,000 Bitcoin (BTC) worth $2.1 billion. The seizure is the largest ever made by German authorities and one of the largest globally. The action was taken against two individuals who allegedly violated copyright laws over a decade ago.
Massive Bitcoin Piracy Sting
The investigation involved collaboration between the Federal Criminal Police Office (BKA), the FBI, and a Munich forensic IT expert company. The accused individuals voluntarily surrendered their proceeds to digital wallets provided by the BKA. They were a 40-year-old German man and a 37-year-old Polish man who had been running a prominent German company until May 2013.
“They are said to have purchased Bitcoins with the proceeds,” the statement read. “No further information will be provided until the investigation is completed.”
The decision on what to do with the confiscated coins has not been made yet.
Record-Breaking Bitcoin Seizures
Bitcoin’s significant growth has led to several record-breaking seizures worldwide. These seizures involve reclaiming large amounts of illegally obtained coins from Bitcoin’s early days at much higher values years later.
An example is the 50,000 Bitcoin seized by the U.S. Department of Justice (DOJ) in November 2021 related to the Silk Road darknet marketplace that was shut down in 2013. Initially valued at a few million dollars, these coins are now worth $3.36 billion.
The U.S. government plans to sell this stash on Coinbase in batches, with an additional batch of around 2900 Silk Road-connected coins also to be disposed of. In another record-breaking seizure, the government confiscated 120,000 BTC connected to the 2016 Bitfinex hack, which surged in value from $74 million to $4.5 billion.
Hot Take: German Police Make Historic Crypto Seizure
German police have made history with their recent seizure of over 50,000 Bitcoin worth $2.1 billion. This action represents the largest ever Bitcoin seizure for German authorities and is one of the largest in the world. The two individuals involved were accused of copyright law violations over a decade ago. Collaborating with international agencies, the investigation led to the voluntary surrender of the proceeds by the accused parties. Bitcoin’s soaring value over time has resulted in numerous record-breaking seizures globally, as governments reclaim ill-obtained coins from Bitcoin’s early days. These cases highlight both the growth and challenges associated with cryptocurrencies in law enforcement.
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