Germany Prosecutors have Sold Seized Crypto for 13.9 Million Dollars
Prosecutors sell seized digital currencies
Reports from Germany indicate that Prosecutors from the German Federal State of Bavaria have sold seized crypto which is worth 13.9 Million Dollars (12 million Euros). This sale is the biggest in the German legal history. The cryptocurrencies seized included 1312 Bitcoins, 1399 Bitcoin cash, 1312 Bitcoin Gold and 220 Ethereum. These digital currencies had been seized during several criminal proceedings and the sale involved 1,600 individual transactions.
According to the prosecutors:
“Bayern Central Cyber-crime Office ordered an emergency sale of the digital currencies because they are exposed to high risk of price fluctuations because of their high vitality rate which can even lead to a total loss.”
These digital currencies had been obtained during legal proceeding against a platform called Lesen Und Lauschen which was caught offering more than 200,000 e-books and other audiobooks illegally. Before the investigations began more than 30,000 people had already used the platform which it was asking for a little amount of payment. The operators of the site were arrested in June last year by officers from Bayern Cybercrime Office who went ahead to ban the website.
There have been several digital currency crimes all over the world. Auctioning of digital assets like Bitcoin has been happening since it’s a common practice by law enforcement agencies all over the world. There was a case in January where US Marshals Service raised more than 40 million dollars from the sale of 3,812 Bitcoins which had been seized during the course of criminal investigations and proceedings.
The cases of seizing digital currencies have been on the rise. Last year Police from Bulgaria seized 213,519 Bitcoins after busting an organized crime which was recruiting customs officers. During the time of the seizure if the authorities sold all the seized Bitcoins they would raise more than 3.3 billion dollars which would be enough to finance one-fifth of Bulgaria’s national debt. The Bitcoins are now worth 1.5 billion dollars if sold at the current trading rate of 7,110 dollars.