German police have seized an impressive amount of 50,000 bitcoins (BTC) worth over $2.1 billion. This was part of an investigation into a website piracy operation that took place in 2013. The suspects used the proceeds from their illegal activities to purchase the cryptocurrency.
The seizure, which was reported by CoinDesk, is said to be the largest ever crypto confiscation in Germany. It was made public in a statement by the Dresden General Prosecutor’s Office, the Saxony State Criminal Police Office, and the Leipzig II Tax Office on January 30.
The investigation was conducted with the support of the Federal Criminal Police Office (BKA), the FBI, and a Munich forensic IT expert company. They were looking into a website that had been operating illegally until May 2013. Two individuals, a 40-year old German and a 37-year old Pole, are suspected of targeting a leading German company and exploiting copyrighted works for commercial gain.
The suspects reportedly used the proceeds from their operation to purchase BTC, which they then voluntarily transferred to police wallets. The investigation is ongoing, and authorities have not yet decided what to do with the seized bitcoins.
This news comes just days after the US government announced its plans to sell over $130 million worth of BTC seized from individuals connected to the dark net marketplace Silk Road. They also revealed plans to sell another batch of forfeited BTC in 2023. According to data from blockchain security and analytics firm Arkham, US authorities currently hold more than $9.3 billion worth of cryptocurrency, including 216,000 BTC.
In conclusion, the German police’s successful seizure of 50,000 BTC highlights the increasing use of cryptocurrency in illegal activities and the need for stricter regulations. It also serves as a reminder that governments around the world are actively monitoring and taking actions against such activities.
