Germany Sells Seized Cryptocurrencies for EUR 12 Million

Bavaria’s prosecutors made 1600 transactions, selling Bitcoin and several altcoins.

by Marin Marinov
30 May • 2 min
In News

Germany's local authorities in Bavaria have sold seized Bitcoin and several altcoins, including Ethereum and Bitcoin Cash, for EUR 12 million (USD 13.9 million), local media reported on Monday. The prosecutors of the south-eastern province made 1600 transactions during the period from end-February till April 2018 following a special order from the cybercrime office.

“Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the Bavaria’s Central Cybercrime Office ordered an emergency sale,” the prosecutors explained, as quoted by Der Tagesspiegel.

The virtual currency sale included 1312 Bitcoins, 1399 Bitcoin Cash, 1312 Bitcoin Gold and 220 Ethereum tokens, as well as several other altcoins, which were not revealed.

The cryptocurrencies were seized during the operation againstLesen und Lauschen”, an online platform that illegally offered over 200 000 e-books and audiobooks through the site Lul.to. The company asked clients to pay for the service although it had not possessed the copyrights. The criminal investigation revealed that at least 30 000 people used the service. Bavaria’s Central Cybercrime Office banned the site last summer and made several arrests.

Bavaria’s prosecutor selloff is the biggest legal auction in Germany so far, Der Tagesspiegel estimatedWhen the authorities began the selling in late February, the price of Bitcoin, the largest cryptocurrency by market capitalization, was around USD 11 400, far away from its peak of almost USD 20 000 for one coin in December. During the selloff, BTC price moved in the range of USD 7000-USD 9000. On Wednesday morning (UTC), BTC trades at around USD 7500, up more than 5% for the last 24 hours.