German State Prosecutors Sell Seized Bitcoins For 12-M Euros

May 29, 2018 at 23:00

State prosecutors of Bavaria (also known as Bayern), one of the 16 federal states of Germany, sold confiscated Bitcoins and other cryptocurrencies for 12 million Euros, according to local report.

Those sold included 1,312 Bitcoins, 1,399 Bitcoin Cash, 1,312 Bitcoin Gold, and 220 Ether, local news site Der Tagesspiegel reported.

The cryptocurrencies were sold on a German-based exchange for a period of two months from end-February to end-April. It involved over 1,600 transactions.

“The sales proceeds achieved total just over 12 million euros,” according to a prosecutor based in Bamberg, a town in Bavaria.

This is considered the highest sales in German legal history.

The seized tokens were sold as part of a so-called emergency sale by the Bayern Central Cybercrime Office.

“Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the central office Cybercrime Bayern ordered an emergency sale,” state prosecutors said.

The cryptocurrencies were seized from operators of online platform “Lesen und Lauschen,” an online site which illegally sell 200,000 e-books and audiobooks. At least 30,000 individuals used the website, the report said.

Bayern Central Cybercrime Office arrested the site operators last June and blocked the website.

Last year, Hessen—another German state—sold Bitcoins seized from illegal activities three years before for two million Euros.