Prosecutors from Bavaria have recently sold seized cryptocurrency worth $13.9 Million, In what is the biggest such sale in German history.
The sale reportedly involved 1312 Bitcoins, and in addition, other cryptocurrencies that included 1399 Bitcoin Cash, 1312 Bitcoin Gold, and 220 Ethereum. These were seized during criminal proceedings and later sold over the course of two months in 1600 separate transactions. Prosecutors commented that:
“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.”
These funds were collected during criminal proceedings done against online platform “Lesen und Lauschen,” which was offering e-books and audiobooks illegally, and asking for low payment on each. According to local news platform Der Tagesspiegel, at least 30,000 people used the platform at one point. The operators of the website were arrested last year by investigators from the Bayern Central Cybercrime Office, who also banned the website.
Auctioning off assets seized during criminal investigations is common practice for law enforcement all over the world. The US Marshals Service has raised over $40 million from the sale of 3812 Bitcoin in January.