German Authorities Seize 50K BTC from Piracy Websites
1 min read
German Authorities Seize 50K BTC from Piracy Websites
Approximately 50,000 Bitcoin, valued at around $2.17 billion, has been confiscated by authorities in the German state of Saxony as part of an investigation into copyright infringements. The Saxony police, in collaboration with tax authorities and prosecutors, managed to secure the Bitcoin that had allegedly been acquired by two German and Polish individuals. These individuals purportedly used the proceeds from pirated content sold on websites back in 2013 to purchase the Bitcoin. The accused voluntarily transferred the Bitcoin to official police wallets, although the future utilization of the cryptocurrency is yet to be determined.
It is unclear when exactly the individuals in question purchased the Bitcoin, but given the significant amount seized, it is speculated that it may have been acquired at a time when the cryptocurrency’s value was relatively low. Data from Glassnode as of October 31 revealed that authorities in the United States had seized a total of 210,429 BTC related to various criminal activities. In November 2023, Coinbase reported that German authorities had made 1,906 information requests to the crypto exchange between the fourth quarter of 2022 and the third quarter of 2023.
Binance, before reaching a $4.3 billion settlement with U.S. authorities, withdrew its application for a cryptocurrency custody license in Germany. This move suggests potential changes in the global market and regulatory landscape.
The police and tax authorities should focus on real crimes instead of going after people’s cryptocurrency. This is a waste of resources.
It’s incredible to see how the crypto landscape is constantly evolving and adapting to new challenges. Exciting times ahead!
It’s fascinating to see how digital assets like Bitcoin can serve as evidence in legal proceedings. The world is changing before our eyes!
The $4.3 billion settlement reached by Binance with U.S. authorities is a massive development. Compliance is crucial in the crypto world!
I hope the authorities use the confiscated Bitcoin for something good and not just let it sit in a wallet forever.
I wonder if the individuals acquired the Bitcoin at a time when its value was relatively low. Smart move if they did! ⌛️📉💡
It’s a shame that the authorities are benefiting from the value increase of Bitcoin over the years. They’re essentially profiting from someone else’s alleged crime!
Authorities seizing Bitcoin connected to criminal activities is a reminder that cryptocurrencies are not anonymous. They leave a digital trail!