German Prosecutors Auction Off $13.9M USD In Seized Cryptos

News | May 29, 2018 By:

German prosecutors have reportedly sold seized cryptocurrency worth over €12 million ($13.9M USD), the biggest in the German legal history.

According to local news source Der Tagesspiegel, prosecutors from the German Federal State of Bavaria ordered the sale of cryptocurrencies, which were seized during criminal proceedings, on February 20. The cryptocurrencies that were seized include 1,312 bitcoins, 1,399 Bitcoin Cash, 1,312 Bitcoin Gold, and 220 ethereum. The digital currencies were sold over the course of two months in 1,600 separate transactions.

The prosecutors said they ordered an emergency sale because all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss.

The funds had been obtained during legal proceeding against a platform called Lesen Und Lauschen. The platform allegedly offered over 200,000 e-books and audiobooks illegally to around 30,000 patrons, asking as little as several cents as payment. The operators of the site were arrested in June 2017 by officers from Bayern Cybercrime Office and the site has been taken down since.

Selling seized assets is common practice for all law enforcement agencies around the world. In January of this year, the US Marshals raised more than $40 million from an auction of bitcoin seized from different cases.