Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Unprecedented $2.1B bitcoin seizure in Germany linked to online piracy group

Unprecedented $2.1B bitcoin seizure in Germany linked to online piracy group

BlockworksBlockworks2024/01/30 18:25
By:Blockworks

A suspect willingly transferred nearly 50,000 bitcoin to “official wallets”

Police in Germany seized nearly 50,000 bitcoin worth roughly $2.1 billion. 

The authorities alleged that the bitcoin is tied to a piracy site that violated the Copyright Act back in 2013. According to a police statement, a German and Polish man were found responsible for the alleged money laundering and reportedly bought bitcoin with the proceeds. 

The Tuesday statement marks the largest bitcoin seizure by German authorities. 

The future of the assets remain uncertain, though the police statement clarified that a suspect “voluntarily transferred them to official wallets provided by the BKA.”

“A final decision has not yet been made about the utilization,” the statement said.

Read more: SEC settles with ‘Bitcoin Beautee’ over $1.7B HyperFund scheme

However, authorities said they would not be providing more information until they complete the investigation. No charges have yet been filed against the men. Bitcoin ( BTC ), as of Tuesday morning, was trading above $43,000. 

While the United States leads in global Bitcoin node count with 28%, Germany is not far behind with over 13% of global nodes, according to Bitnodes. From a regulatory standpoint, it has become more crypto-friendly over the last few years, with some of its biggest banks seeking crypto-custody licenses. 

Germany granted a crypto custody license to Commerzbank in November, making it the first “full-service bank” to receive such a license.

Deutsche Bank’s Paul Maley told Blockworks last September that it was interested in offering corporate and institutional clients custody of “selected cryptocurrencies and some stablecoins.”

The bank applied for a crypto custody license back in June of last year.

Updated Jan. 39, 2024 at 11:07 am ET: Modified headline to reflect value of bitcoin seizure.

Don’t miss the next big story – join our  free daily newsletter .

Tags
  • Bitcoin
  • Germany
  • money laundering
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!