German Police Seize $2.17 Billion Worth of Bitcoin in Largest Cryptocurrency Seizure

According to CoinDesk, German police have provisionally seized 50,000 bitcoin (BTC) worth $2.17 billion, marking their largest cryptocurrency seizure ever. The seizure is related to the operation of a piracy website in 2013 that violated the Copyright Act, with proceeds from the venture being converted to bitcoin. One of the two suspects voluntarily transferred the bitcoin to the Federal Criminal Police Office (BKA), according to a police statement. An investigation into subsequent commercial money laundering is ongoing, but no official charges have been lodged against the men. The police statement also noted that a final decision has not yet been made about the utilization of the seized bitcoins. In comparison, the U.S. government seized $216 million worth of bitcoin linked to Silk Road, a dark net market taken down in 2013, and now holds $9.5 billion worth of bitcoin, as per Arkham data.