German Authorities Net $14 Million in Sale of Seized Cryptos over Price Fears
An estimated €12 million ($14 million) of seized cryptocurrencies were earlier this year auctioned off by German authorities over concerns of high price volatility.
According to CoinDesk’s Bitcoin Price Index citing reports by Der Tagesspiegel, in February this year Bavarian prosecutors ordered the sale of Bitcoin holdings in its possession following the rebound of the crypto’s value to nearly $10, 000 immediately after its February 6th slump of $5,947.
“Taking nearly two months to complete, the sale reportedly disposed of 1,312 Bitcoin, 1,399 bitcoin cash, 1,312 bitcoin gold and 220 ether via over 1,600 transactions on a German trading platform,” cited CoinDesk
The cryptocurrencies were all seized during two ongoing investigations being conducted by Bavarian cybercrime agencies. Although the prosecutor has not yet brought charges in the two cases, German legislation allows for emergency sales if assets seized in ongoing investigations face an immediate threat of loss of value, according to the report.
“Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the Bayern Central Office of Cybercrime ordered an emergency sale,” the state prosecutors were quoted as saying in the report.
Following the sale, the office has yet to determine how to handle the proceeds, since it remains unclear whether the prosecutor will move forward with the investigations.
The Central Office of Cybercrime in Germany’s Hesse state also made a notable sale of 126 Bitcoin confiscated over several years through investigations on the dark net. At the time, Bitcoin’s value was around its all-time high at $20,000, which resulted in proceeds of nearly $2.3 million, according to an earlier report from Der Tagesspiegel.
