German Government Sells Confiscated Bitcoin for a Fortune

IconCryptoNewsTerminal Staff17 Jul, 2024

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German Government Sells Confiscated Bitcoin for a Fortune

The German government has made a substantial profit by selling a large amount of Bitcoin (BTC) that was confiscated from criminal activities. According to an official statement, the government sold 49,858 BTC between June 19 and July 12 of this year, netting a total of 2.6 billion euros (approximately 3.92 trillion won). The proceeds from the sale are currently being held in temporary custody by the Leipzig Regional Court. The Bitcoin sold by the German government was not yet considered state property, and a decision on whether to permanently confiscate it will be made later. However, under German criminal procedure law, assets that have been seized must be sold urgently if there is a risk that their value will fall by more than 10% before the conclusion of ongoing criminal proceedings. The sale of the Bitcoin is believed to have been part of such an emergency sale measure. The German government's sale of confiscated Bitcoin is a significant event, as it demonstrates the growing acceptance of cryptocurrency by governments around the world. It also highlights the potential financial benefits that can be realized by seizing and selling cryptocurrency that has been used for illegal activities.

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