German police have seized 50,000 Bitcoin (BTC) worth approximately $2.17 billion, marking the largest cryptocurrency seizure in the country's history.
German police have seized 50,000 Bitcoin (BTC) worth approximately $2.17 billion, marking the largest cryptocurrency seizure in the country's history.
The assets were confiscated during an investigation into a website that violated the Copyright Act in 2013. The Dresden Public Prosecutor's Office, the Saxony State Criminal Police Office, and the Leipzig II Tax Office's tax investigation department conducted the investigation, with support from the Federal Criminal Police Office (BKA), the FBI, and a Munich-based forensic IT expert firm.
According to a statement from the Dresden Public Prosecutor's Office, the two individuals responsible for the pirate company operated a leading German piracy portal until May 2013. Proceeds from the venture were allegedly converted into Bitcoin.
One of the suspects voluntarily transferred the Bitcoin to the BKA as part of the ongoing investigation. While no official charges have been filed, authorities are investigating potential commercial money laundering offenses.
The police statement emphasized that the investigation is ongoing and a final decision regarding the utilization of the seized Bitcoin has yet to be made.
The two largest crypto seizures are by U.S. authorities, namely in the Silk Road hacker case, where U.S. authorities confiscated a total of $3.36 billion worth of BTC, and Department of Justice seizure of $3.6 billion linked to the 2016 hack of the crypto exchange Bitfinex.
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