A German Prosecutor Sells the Seized ETH, Bitcoin, Bitcoin Cash, Bitcoin Gold for Almost $14 Million
A German prosecutor in Bavaria has sold and also seized several cryptocurrencies including Bitcoin cash, Bitcoin (BTC), Ethereum (ETH), and Bitcoin Gold (BTG). These coins were sold for about 12 million euros, leading to a record of the highest sales that has been witnessed in German legal history.
The Seized Crypto Was Sold For 12 Million Euros
The seized cryptocurrencies were for about $14 million, which has been considered to be the highest ever sale that has been recorded in the legal history of Germany. According to the media source in the country, the coins sold included 1312 seized Bitcoins. But this is not all as other digital currencies were also included.
The other coins were 1399 Bitcoin Cash, 220 Ethereum, and 1312 Bitcoin Gold. As per the prosecutor located in Bamberg, the sales proceeds achieved about 12 million euros. These cryptocurrencies were sold over a period of two months; this was done in over 1,600 individual transactions.
The coins were sold in a German based trading platform from around end of February to the end of April.
This Is A Record Sale In German Legal History
During a proceeding conducted against an illegal online platform, the Lesen und Lauschen, it was found over 200,000 audiobooks and eBooks have been offered illegally. It was also found that more than 30,000 people have been using the platform that will only ask for a few cents as payment.
In June last year, the investigators of Cyber Crime Center of LKA Sachsen and also the Zentralstelle Cybercrime went ahead to arrest these operators and later blocked the site.
The auctioning of the seized coins is a common practice by law worldwide. Due to the high volatility in the crypto market, the prosecutors needed to go for an emergency sale of the coins. Additionally, the accused were cooperative with the investigations, thus, enabling the investigators to access the cryptocurrencies quickly. As a result, Bamberger Cybercrime specialists were in a position to carry out the highest sales recorded in history.
In the previous record, it was held by Hessen when the seized Bitcoins were sold at about 2 million euros; this was at the end of 2017.
Last year around 213,519 BTC was seized by the Bulgarian police which was approximately worth $3.3 billion at the said time. Therefore, this is a great achievement from the investigative team.