After the convicted fraudster confiscated a digital wallet, German authorities ran into a delicate problem: the fraudster contained more than 1,700 Bitcoins with a value of over 50 million euros.

The German prosecutors confiscated the coin, but the problem was that they couldn't get the money because the fraudster refused to give them the password.

The benefit of Bitcoin is that many of its advantages are clear, such as: b- The ability to remain anonymous and transmit it securely.

The attorney general in Kempten, Bavaria, said the man was sentenced to prison and has worked since then and has remained silent while the police repeatedly tried to crack the code to get more than 1,700 Bitcoins but failed.

"We asked him, but he didn't say, maybe he doesn't know," Attorney General Sebastian Maurer told Reuters on Friday.

Bitcoins are stored through a program called a "digital wallet" that is protected by encryption. The password is used as a decryption key to unlock the wallet and access the digital currency.

Once the password is lost, the user can no longer unlock the wallet.

The scammer has been sentenced to more than two years in prison for secretly installing software on other computers to use his power to mine or produce Bitcoin.

If the fraudster spends time in prison, the value of his Bitcoin stock is only a fraction of its current value.

According to data from the cryptocurrency and blockchain website Coindesk, Bitcoin rose last year, reaching a record high of $ 42,000 in January and trading at $ 37,577 on Friday.

But the prosecutor claimed that the man was unable to use the money after his release from prison despite having the password and would try to use it in the future.

The German news agency BR said: If the authorities have access to it, it can be assumed that the digital currency will be sold to the state treasury for its value, because the currency is not stolen from anyone, but rather is mined using electricity.

Lately, there have been questions about passwords and personal identification numbers (PINs) and many have been missing from Bitcoin's history.

The New York Times recently told the story of a programmer who kept a large amount of Bitcoin on a secure hard drive. This story revealed an incredible statistic because around 20% of Bitcoins (totaling $ 1.4 trillion) are lost or stored in wallets with missing passwords, which means they are inaccessible.

Police are unable to confiscate $ 60 million in Bitcoin
Police are unable to confiscate $ 60 million in Bitcoin

Previous Post Next Post