German Authorities Nab $2.1B Bitcoin in Major Piracy Sting

• Germany Police Temporarily Seizes 50,000 BTC Worth $2.17 Billion
• Link to 2013 Piracy Website Operation
• Voluntary Transfer of Bitcoin by Suspect
• Ongoing Money Laundering Investigation
• Previous High-Profile Bitcoin Seizures

Germany Police Temporarily Seizes 50,000 BTC Worth $2.17 Billion

The German police has temporarily seized 50,000 bitcoin (BTC), estimated to be worth $2.17 billion. This move marks the largest cryptocurrency seizure in the country's history, as per the police's official statement.

Link to 2013 Piracy Website Operation

The seizure relates to the operation of a copyright-infringing piracy website back in 2013. The profits garnered from this venture were subsequently converted into bitcoin.

Voluntary Transfer of Bitcoin by Suspect

One of the two suspects involved in the case voluntarily handed over the bitcoin to the Federal Criminal Police Office (BKA), according to the same statement.

Ongoing Money Laundering Investigation

An investigation related to potential commercial money laundering is currently underway. However, up to this point, official charges against the suspects have not been presented.

No final decision has been made about the utilization of the bitcoins, the police added in their statement.

Previous High-Profile Bitcoin Seizures

In 2023, the U.S. government made a significant seizure of $216 million worth of bitcoin connected to Silk Road, a dark net market which was shut down in 2013. As of now, the U.S. government holds bitcoin assets worth approximately $9.5 billion, based on data from Arkham.

Edited by Jonathan Stoker