29 May, AtoZ Markets – Prosecutors in the German state of Bavaria have sold seized cryptocurrency that is worth €12 mln ($13.9 mln). This is the highest sale of this kind in the German legal history, according to the local news sources.
German Prosecutors Sell Seized Cryptos worth $14 Million
The sale has reportedly covered 1312 Bitcoins. In addition, other currencies, such as Bitcoin Cash, Bitcoin Gold, and Ethereum have been sold. These currencies have been sold in the amount of 1399, 1312, and 220, respectively.
It is known that these cryptocurrencies were sold over two months in 1600 individual transactions. The Bavarian prosecutors have commented on the sale:
“Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the Bayern Central Cybercrime Office ordered an emergency sale.”
The funds were obtained during criminal proceedings against online platform “Lesen und Lauschen.” The platform has offered more than 200,000 e-books and audiobooks illicitly. As per the local media, there were at minimum 30,000 people that used the platform. The operators of the site have been arrested in June 2017 by officers from the Bayern Central Cybercrime Office. The website has also been banned.
US Government Bitcoin Auctions
Selling the assets during criminal investigations is a usual practice that is used by law enforcement agencies all over the world. German prosecutors have managed to sell $14 million worth of seized cryptos, while the US Marshals have previously collected over $40 million for 3,812 seized Bitcoins. These Bitcoins were seized during the civil and criminals proceedings.
The auction took place in three rounds. The first round presented 5 lots of 500 Bitcoins, the second – 5 lots of 100 Bitcoins, with the final round selling off the remaining 813 Bitcoins. It was required to have a $200,000 deposit to participate in the auction in order to ensure the serious motives of bidders.
The US Marshals disclosed the number of cases, where the Bitcoins have been seized. As a matter of fact, the US authorities have been accumulating millions of dollar of seized Bitcoins in the course of the recent years. Back in 2014, the officials have sold almost 30,000 Bitcoins that were confiscated from the Silk Road marketplace.
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