Germany Seized and Sold $14 Million Worth of Bitcoins

Federal state prosecutors in Bavaria, Germany have seized and sold $13.9 million worth of cryptocurrency. This is the highest amount of currency sold in German history as reported by Der Tagesspiegel on May 28. These funds were collected from an online platform called “Lesen und Lauschen”, which were illegally offering over 200,000 pirated e-books and audiobooks .

The sale involved 1312 Bitcoin’s, 1399 Bitcoin Cash, 1312 Bitcoin Gold, and 220 Ethereum cryptocurrencies. They were sold over the course of two months within 1600 individual transactions. Prosecutors stated that due to cryptocurrencies risk of high price fluctuations an emergency sale was ordered by the Cybercrime office.

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It’s common practice for law enforcement agencies worldwide to seize and auction off assets during criminal investigations. Germany raised close to $14 million worth of cryptocurrency during this sale however the US Marshals Service raised over $40 million worth of Bitcoin seized over the course of several civil and criminal proceedings in January alone.

Last year, Bulgarian police seized 213,519 Bitcoin after an organized crime ring was busted after an attempt to recruit corrupt customs officers. The Bitcoin seized was roughly around $3.3 billion worth and was enough to pay off 1/5of Bulgaria’s national debt.

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