Auction Of Seized Cryptos

This article was published on: 05/29/18 6:25 PM

Marcin IwańskiWritten by | cryptocurrency, news

Auction Of Seized Cryptos

German prosecutors in Bavaria sold the seized cryptocurrencies worth over $13 mln; it is the highest sales in the German legal history.

€12 mln ($13.9mln) seized cryptocurrencies have been sold by German Prosecutors in the state of Bavaria.

According to the local news Der Tagesspiegel, the selling process took two months, in which 1312 Bitcoins, 1399 Bitcoin Cash, 1312 Bitcoin Gold, and 220 Ethereum were sold.

German Prosecutors collected cryptos during the criminal investigation against “Lesen und Lauschen” (lul.to) platform which has been illegally offering over 200.000 ebooks and audiobooks. The price of the ebook or audiobook was around several cents, and more than 30.000 people have been using the platform. The owners of the lul.to were arrested last June by the Bayern Central Cybercrime Office.

The sale was made fast, due to the price fluctuations. 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.”

Auctions of the seized cryptocurrencies are profitable, in January the U.S. Marshals sold over 3,800 Bitcoins (over $50 mln) which had been taken from various criminal cases.

 

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Last modified: May 29, 2018

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