- German prosecutors confiscate over 50 million euros value of bitcoin from a fraudster
- Bitcoin is saved on software program generally known as a digital pockets that’s secured via encryption
- The person was sentenced to jail and has since served his time period
FRANKFURT: German prosecutors have confiscated greater than 50 million euros ($60 million) value of bitcoin from a fraudster. There’s just one drawback: they will’t unlock the cash as a result of he received’t give them the password.
The person was sentenced to jail and has since served his time period, sustaining his silence all through whereas police made repeated failed efforts to crack the code to entry greater than 1,700 bitcoin, mentioned a prosecutor within the Bavarian city of Kempten.
“We asked him but he didn’t say,” prosecutor Sebastian Murer informed Reuters on Friday. “Perhaps he doesn’t know.”
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Bitcoin is saved on software program generally known as a digital pockets that’s secured via encryption. A password is used as a decryption key to open the pockets and entry the bitcoin. When a password is misplaced the consumer can’t open the pockets.
The fraudster had been sentenced to greater than two years in jail for covertly putting in software program on different computer systems to harness their energy to “mine” or produce bitcoin.
When he went behind bars, his bitcoin stash would have been value a fraction of the present worth. The value of bitcoin has surged over the previous 12 months, hitting a file excessive of $42,000 in January. It was buying and selling at $37,577 on Friday, in keeping with cryptocurrency and blockchain web site Coindesk.
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