Bitcoin seizure unveiled by German police tops $2 billion

The Saxony State Criminal Police Office in collaboration with the Leipzig II Tax Office has carried out a major Bitcoin seizure. 

German Authorities Make Largest Bitcoin Seizure on Record

According to an official announcement from the police, a total of 50,000 Bitcoin was confiscated by Police in Germany. The entire holding is worth approximately $2.17 billion based on the current market value of the leading cryptocurrency. It is worth noting that this is the largest Bitcoin seizure that the authorities have ever made.

“This is the most extensive security of Bitcoins by law enforcement authorities in the Federal Republic of Germany to date,” the German Police stated in its announcement. 

This Bitcoin seizure comes from the holdings from a part of the operation of a piracy website in 2023 that ended up violating the Copyright Act. The venture involved two male individuals; a 40-year old German and a 37-year old Polish. They purchased Bitcoin with the proceeds from their business. 

The German Police made the Bitcoin seizure after one of the suspects voluntarily transferred the loot to the Federal Criminal Police Office (BKA). There are suspicions that the duo were also involved in other forms of commercial money laundering but so far, no official charges have been levied against them in that regard as investigations are still ongoing.

Meanwhile, no decision has been made by the Police concerning the utilization of the Bitcoins. 

US Government Confiscates Over 70,000 BTC

A similar Bitcoin seizure happened in the United States a little while back. In November 2022, the U.S. Department of Justice (DOJ) reported the seizure of $3.36 billion in Bitcoin. The massive holding was confiscated from a guy who had illegally acquired more than 50,000 bitcoin on the Silk Road dark web marketplace over a decade ago.

By December 2023, the total value of Bitcoin seizure by the U.S. government from Silk Road had climbed up to 70,000, leaving the public in speculations of when the coins will be sold. Based on data from Arkham Intelligence, the United States government currently holds $9.5 billion worth of Bitcoin. 

All of these events underscores how bad actors leverage Bitcoin and other cryptocurrencies to perpetrate their illicit activities and even evade tax. At the same time, it highlights the need for robust crypto regulations with Senators Elizabeth Warren strongly pushing for intense crackdowns.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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