German Prosecutors Sell Seized Bitcoin, BCH, BTG & ETH for $14 Million

By Lauren
Published May 29, 2018 Updated May 29, 2018
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German Prosecutors Sell Seized Bitcoin, BCH, BTG & ETH for $14 Million

By Lauren
Published May 29, 2018 Updated May 29, 2018

German prosecutors in Bavaria sold the seized cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Ethereum (ETH) for 12 million euros recording the highest sales in the German legal history.

Seized cryptos sold for 12 million euro

German prosecutors in the Bavaria state sold the seized cryptocurrencies that are worth about €12 mln. The sale of approximately $14 million is the highest such sale in the legal history of Germany.

According to the local media sources, the cryptocurrencies sold included 1312 seized Bitcoin (BTC). Other digital currencies included 1399 Bitcoin Cash (BCH), 1312 Bitcoin Gold (BTG), and 220 Ethereum (ETH).

As per the prosecutor in Bamberg,  “The sales proceeds achieved total just over 12 million euros.”

The seized cryptocurrencies have been sold over the course of two months in over 1,600 individual transactions. These cryptocurrencies were sold on a German-based trading platform from the end of February to the end of April.

According to the prosecutor,

“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.”

Also, read: Bithumb Exchange Bans Trading in 11 High-Risk Jurisdictions, Crypto Market Goes Red

Record sale in German legal history

During a criminal proceeding against the illegal online platform “Lesen und Lauschen”, over 200,000 ebooks and audiobooks have been offered illegally. More than 30,000 people were using the platform that asks as little as a few cents for payment.

Last year, in June, the investigators of Cyber Crime Competence Center” (SN4C)  of the LKA Sachsen and the “Zentralstelle Cybercrime Bayern” arrested the operators and further blocked their site.

Auctioning the seized cryptos is a common practice by law worldwide. Due to high volatility in the crypto market, the prosecutors went for the emergency sale of the Bitcoins.

Reportedly the accused cooperated and the investigators were able to access the cryptocurrencies. Hence, the Bamberger Cybercrime specialists were able to carry out the highest sales in German legal history.

The previous record was held by Hessen when seized bitcoin were sold for about 2 million euros at the end of 2017. Last year, 213,519 BTC were seized by Bulgarian police which was approximately worth $3.3 billion at that time.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Lauren, a blockchain, and a cryptocurrency strategist has created a project of crypto price predictions for each month.

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