February 5, 2021
FRANKFURT (Reuters) - German prosecutors have confiscated more than 50 million euros ($60 million) worth of bitcoin from a fraudster. There's only one problem: they can't unlock the money because he won't give them the password.
The man was sentenced to jail and has since served his term, maintaining his silence throughout while police made repeated failed efforts to crack the code to access more than 1,700 bitcoin, said a prosecutor in the Bavarian town of Kempten.
"We asked him but he didn't say," prosecutor Sebastian Murer told Reuters on Friday. "Perhaps he doesn't know."
Bitcoin is stored on software known as a digital wallet that is secured through encryption. A password is used as a decryption key to open the wallet and access the bitcoin. When a password is lost the user cannot open the wallet.
The fraudster had been sentenced to more than two years in jail for covertly installing software on other computers to harness their power to "mine" or produce bitcoin.
When he went behind bars, his bitcoin stash would have been worth a fraction of the current value. The price of bitcoin has surged over the past year, hitting a record high of $42,000 in January. It was trading at $37,577 on Friday, according to cryptocurrency and blockchain website Coindesk.
Prosecutors have ensured the man cannot access the largesse, however.
When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.
The Officer who was found unresponsive is assigned as an evidence custodian for the department. Enter Headline here March 23, 2023 MILLSBORO, Del.-A Millsboro Police Officer has been administrati...
Salary: $4,650.93 – 5,653.23 per month (See Details BELOW) Job Requirements: The City of Astoria is looking for a dynamic and professional individual to fill this important position supporting Astoria...
Salary: $93,915 - $117,394 Job Requirements: The ideal candidate for the next Auto Pound and Property Unit Administrator shall have the following core competencies:The ability to bring about strategic...