March 27, 2024
German Authorities Seize 50K BTC from Piracy Probe
Bitcoin News

German Authorities Seize 50K BTC from Piracy Probe

Authorities in Saxony, Germany, seized approximately 50,000 Bitcoin, valued at $2.17 billion, in connection with copyright violations. The police, in collaboration with tax authorities and prosecutors, confiscated the Bitcoin allegedly obtained through the sale of pirated works on websites in 2013. The individuals voluntarily transferred the Bitcoin to official police wallets. The final decision on the utilization of the seized Bitcoin is pending.

The exact timing of the Bitcoin purchase related to the alleged copyright violations is unclear, but the substantial amount suggests it may have occurred during a period when the cryptocurrency’s price was lower. As of October 31, U.S. authorities had seized a total of 210,429 BTC in connection with various crimes, according to data from Glassnode.

In November 2023, Coinbase revealed that German authorities had submitted 1,906 requests for information to the crypto exchange between the fourth quarter of 2022 and the third quarter of 2023. Binance, before settling with U.S. authorities for $4.3 billion, withdrew its cryptocurrency custody license application in Germany, indicating shifts in the global market and regulatory landscape.

Image By WangXiNa

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