News

Police seize $60 million worth of bitcoin from crypto fraudster

German prosecutors have confiscated more than 50 million euros ($60 million) worth of bitcoin from a fraudster. There’s a catch, however: they can’t unlock the money because he won’t give them the password!

According to a prosecutor in the Bavarian town of Kempten, the man was sentenced to jail and has since served his term, maintaining his silence throughout while police made repeated failed efforts to crack the code to access more than 1,700 bitcoin.

We asked him but he didn’t say,” prosecutor Sebastian Murer told Reuters on Friday. “Perhaps he doesn’t know.

Bitcoin is stored on software known as a digital wallet that is secured through encryption. A password is used as a decryption key to open the wallet and access the bitcoin. When a password is lost the user cannot open the wallet.

The fraudster had been sentenced to more than two years in jail for covertly installing software on other computers to harness their power to “mine” or produce bitcoin.

When he went behind bars, his bitcoin stash would have been worth a fraction of the current value. The price of bitcoin has surged over the past year, hitting a record high of $42,000 in January. It was trading at $37,577 on Friday, according to cryptocurrency and blockchain website Coindesk.

Prosecutors have ensured the man cannot access anything from his stash, however.

Sponsored
Hamza Zakir

Platonist. Humanist. Unusually edgy sometimes.

Share
Published by
Hamza Zakir

Recent Posts

Rumors Indicate iPhone 17 May Feature Unconventional Camera Design

Apple is reportedly preparing for a significant design overhaul with its iPhone 17 series, blending…

59 mins ago

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

2 hours ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

3 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

4 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

5 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

6 hours ago