$13.9 million worth of BTC sold in Bitcoin sale
German authorities have sold 1,000 BTC in the countries largest ever cybercrime Bitcoin sale.
Bamberg officials sold the stash of seized cryptocurrencies for more than €12 million ($13.9 million).
The various digital assets were confiscated from a platform that had 30,000 users during a police raid.
The Bitcoin sale is the largest sell-off of seized cryptocurrency in Germany to date.
“Emergency Bitcoin sale” due to price volatility
Prosecutors in Germany began the Bitcoin sale on February 20.
The “emergency” sell-off proceeded for two months and was triggered by volatility in the market earlier this year.
The digital coins were sold on a German exchange platform and spread across 1,600 transactions.
State prosecutors said in a statement:
“Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, an emergency sale was ordered by the Central Office of Cybercrime Bavaria.”
The value of Bitcoin has fluctuated from close to $20,000 back down to $6,500 over the last few months.
When the Bitcoin sale commenced, BTC was worth roughly $11,500 but was down to $8,400 by the time the final coins were sold on April 20.
The crypto was seized during a police raid on the LuL.to portal.
The platform was illegally offering more than 200,000 audiobooks and e-books for sale and was used by more than 30,000 users.
Investigators from the CCCC (Cyber Crime Competence Center) of the LKA Sachsen and the ZCB (Central Office of Cybercrime Bavaria) shut the site down in June last year.
The operators were arrested and all assets were seized by authorities.
Investigators managed to access the cryptocurrency stash after the platform owners decided to cooperate.
Unlike traditional money held in bank accounts, cryptocurrencies cannot be accessed by police in such cases, unless investigators have private keys.
A study by Chainalysis found that almost one-quarter of all Bitcoin in current circulation has been lost forever.
The main reason for lost Bitcoin is due to users losing their private keys.