German police seize $2.1 billion worth of BTC

Source: Blockchain Knights

In a groundbreaking operation, German authorities seized nearly 50,000 BTC worth approximately $2.1 billion, the most seized in Germany to date The largest Crypto asset.

This collaborative operation, led by the Prosecutor General’s Office in Dresden, the Saxony State Criminal Police Office and the investigation department of the 2nd Tax Office in Leipzig, marks an important milestone in the fight against digital crime.

The operation, supported by the Federal Criminal Police Office, the FBI and a Munich company of forensic IT specialists, transferred the seized BTC to government-controlled wallets.

The operation is part of an ongoing investigation into two key figures, a 40-year-old German man and a 37-year-old Polish man, who are linked to a major German company. piracy portal, which was active until May 2013.

These individuals are suspected of violating the Copyright Act by commercially using copyrighted works without authorization, and subsequently engaged in illegal commercial activities.

The Dresden Attorney General’s Office stated that the currently seized BTC is temporary, indicating that a decision on its final disposition has still not been made.

Notably, the case has attracted significant attention due to the scale of the seized assets and the complexity of the legal and financial issues involved.

It was reported that on January 17, 2024, a "giant whale" transferred approximately 50,000 BTC, causing speculation in the Crypto asset community. The move raised concerns about potential market volatility due to the large volume of transactions involved.

The revelation that the so-called "whale" was actually a Saxony investigative agency adds a dramatic twist to the story.

These BTC were obtained through profits from the now-defunct streaming website "movie2k", converting advertising revenue into Crypto assets. As BTC has appreciated significantly over the years, this strategy has proven to be very smart. The issue of what to do with the confiscated BTC has sparked intense speculation and legal discussion.

Some German federal states require the immediate sale of seized assets, while Saxony’s position on the issue is still under review.

These legal claimants of BTC include the film industry, defrauded copyright owners in the Free State of Saxony, and possible defendants. It's a complex legal debate that is expected to unfold over time.

Patrick Pintaske, spokesman for the Dresden Prosecutor's Office, acknowledged that there are numerous issues surrounding the case and emphasized that the final decision rests with the courts.

The timetable for these legal proceedings remains uncertain and related cases are ongoing. This includes the handling of approximately 2,500 BTC seized in a related operation in 2019.