The Prosecutor’s office of Bamberg completed the sale of cryptocurrencies confiscated during the arrest of the property owners of the website LuL.to engaged in illegal sale of electronic and audio books. The total amount of profit the Agency from the sale of confiscated digital assets for the two months amounted to €12 million.
In particular, the Prosecutor’s office auctioned BTC 1312, 1399 BCH, 1312 BTG and 220 ETH. In the auction was conducted of 1,600 separate transactions. Responsible for processing all transactions took German trading center.
Despite the fact that the investigation is still ongoing, according to the law “urgent sale” of confiscated goods is possible provided that the product eventually loses value or brings losses due to special storage conditions. In the case of cryptocurrencies, the reason was the risk of the negative impact of volatility:
“As cryptocurrencies susceptible to price fluctuations and, in some cases, a complete loss of values, General Directorate of cybercrime Bavaria (Zentralstelle Cybercrime Bayern) made the decision on sale”, — commented on the news prosecutors.
The Prosecutor of Bavaria Thomas popular gouger (Thomas Goger) reported that the sale of the cryptocurrency would have happened regardless of the risk of loss of value. He also added that the confiscation and subsequent sale of assets — the largest in the history of Germany, became possible thanks to the cooperation of the suspects with the investigation.
The second largest selling BTC confiscated in Germany was completed last year and was organized by the General Department of cyber crimes of Hesse. Then the volume of the confiscated cryptocurrency was 126 units, or about $2.3 million (at the exchange rate at the time).
The practice of confiscation and liquidation of cryptocurrencies are increasingly applied by the investigating authorities of different countries. So, Japan still continues with the elimination of stockpiles of BTC and BCH defunct exchange Mt. Gox.