💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Germany Seizes Over $2 Billion In Bitcoin From Piracy Proceeds

Published 31/01/2024, 19:07
© Reuters Germany Seizes Over $2 Billion In Bitcoin From Piracy Proceeds
BTC/USD
-

Benzinga - An investigation into copyright violations by the German state of Saxony led to the uncovering of 50,000 Bitcoin (CRYPTO: BTC) acquired using the proceeds of pirated works.

What Happened: German authorities announced the seizure of almost 50,000 Bitcoins equivalent to around $2.1 billion after an investigation by Saxony prosecutors, Germany’s Federal Criminal Police Office and the U.S. Federal Bureau of Investigation. It is termed as the most extensive seizure of Bitcoins by law enforcement in the Federal Republic of Germany.

Bitcoin was acquired by two German and Polish national suspects in mid-January 2024. The profits of a German file-sharing portal with operations until 2013 were used for the purchase. One suspect voluntarily transferred the token to the German federal police wallet.

The authorities said, “This means that a final decision has not yet been made about the utilization of the Bitcoin.” However, the charges on the two suspects include unauthorized commercial exploitation of copyrighted works and money laundering.

Read Next: Over 99% Of Cryptocurrency On-Chain Is Legal, Bitcoin Use In Criminal Activity Falls Again

Why It Matters: Authorities are struggling with Bitcoin's permissionless nature. Bitcoin can be seized if it is being used for illicit purposes or was acquired through unlawful sources of income.

An X user recently tracked all Bitcoin seizures, showing that more than $13.7 billion worth of Bitcoin has yet to be liquidated.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.