Home Business Bitcoin loot worth $2.1 billion voluntarily handed over to German police

Bitcoin loot worth $2.1 billion voluntarily handed over to German police

Bitcoin loot worth $2.1 billion voluntarily handed over to German police

The German authorities have made a huge catch. They seized up to 50,000 Bitcoin (BTC) worth more than $2.1 billion.

It is the largest crypto seizure ever by German law enforcement authorities and is attracting international attention.

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Bitcoins worth $2.1 billion were confiscated in Germany

The investigation that led to this mass seizure curiously focused on copyright infringement.

As part of the investigation, the German authorities in the state of Saxony tracked down two men with German and Polish citizenship.

The two are suspected of purchasing the massive amount of Bitcoins using money they received through websites piracy.

The sites were operational back in 2013 and have brought gentlemen unprecedented profits. They had earned the loot from the proceeds from pirated copies.

The value of these Bitcoins is so extremely high because they were probably purchased more than 10 years ago, when the price of Bitcoin was much lower.

50,000 BTC were voluntarily handed over to the police

The two suspects are now accused of copyright infringement and money laundering.

Perhaps even more remarkable about the story is that one of the suspects voluntarily handed over the Bitcoin to the Federal Criminal Police Office (BKA).

This leads to a lot of speculation about the motives of these actions and the possible agreements with the authorities.

No decision has yet been made about what the German state will do with the confiscated Bitcoins. If it wants to sell this Bitcoin on the market, it could put significant pressure on the price.

“The Bitcoins were seized after the defendants voluntarily transferred them to official wallets provided by the (police). This means that no final decision has been made regarding the use of Bitcoin.”

Today on Crypto Insiders you could read about the largest Bitcoin seizure ever by the US Drug Enforcement Administration (DEA).

The DEA has seized a whopping 8,100 BTC. However, this amount pales in comparison to the story above.

Despite this, the US state still has more than 200,000 BTC in its hands, which it probably wants to sell.

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