50,000 Bitcoins Seized in Germany Following Investigation into Illicit Activities

9 months ago 6

ARTICLE AD BOX

German authorities declared the seizure of 50,000 Bitcoins acquired through copyright law violations and money laundering in an official statement.

The enforcement regulators explained that two individuals have been charged along with the seizure, and a piracy portal is being investigated.

Staggering Amount of Bitcoin Seized in Germany

According to a recent statement, three enforcement agencies were involved in the investigation for this case, the Public Prosecutor’s Office in Dresden, the State Criminal Police of Saxony, and the Tax Investigation Unit of the Leipzig II Tax Office.

“This marks the most extensive seizure of bitcoins by law enforcement authorities in the Federal Republic of Germany to date.”

It further explained that the two men engaged in violating Copyright laws. Furthermore, the “unauthorized commercial exploitation” of copyright works through a piracy website.

At the time of publication, Bitcoin’s price is $42,705. Therefore, the value of the 50,000 Bitcoin’s is approximately $2.13 billion.

Speculation over What Will Happen to Seized Bitcoin

However, what the German government will do with the staggering amount of Bitcoin is unknown. It could prompt fear and speculation amongst Bitcoin holders. Especially if the German authorities decide to sell, given the potential for its impact on Bitcoin’s price.

The price of Bitcoin has already dropped approximately 10% in the past two weeks. This follows the news on Jan. 10 that the United States Securities and Exchange Commission (SEC) had approved 11 spot Bitcoin ETF applications.