Bavarian prosecutors have sold €12 million ($13.9 mln) worth of seized cryptocurrency in the highest such sale in German legal history.
As reported by Der Tagesspiegel on the 28th May, the sale involved 1312 Bitcoins (BTC), 1399 Bitcoin Cash (BCH), 1312 Bitcoin Gold (BTG) and 220 Ethereum (ETH). All of the cryptocurrencies were seized during criminal activities. They were subsequently sold in 1600 transactions over a period of two months.
The prosecutors commented:
“Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the Bayern Central Cybercrime Office ordered an emergency sale.”
The funds were seized during proceedings against “Lesen und Lauschen”, an online platform which offered over 200,000 audiobooks and ebooks illegally. The platform gathered at least 30,000 users. Those operating the website were arrested last June by the Bayern Central Cybercrime Office officers.
Not the first (or largest) auction
With the $13.9 million seized, Germany is far down the list of largest crypto auctions by law enforcement agencies worldwide. Earlier this year, the US Marshals Service auctioned more than 5000 Bitcoins for over $50 million in two auctions. But the record is held by Bulgarian police, which seized 213,519 BTC last year. At the time of the bust it was worth around $3.3 billion, which was enough to pay off 20% of Bulgaria’s national debt.