Criminals loving Bitcoin but they can't escape

German Police Seized Bitcoins Worth Over $2.17 Billion

By Coins Reporter | Coinsreporter | 31 Jan 2024

Hacks aren't the only way for which criminals are loving Bitcoin. Other types of crimes are also loving Bitcoin to hide their illegal money from authorities. This is what I can conclude from the recent seizure of 50,000 Bitcoins, worth over $2.17 Billion in Germany

Two men, aged 37 and 40, have been running a piracy website until 2013. It seems they were quite successful and made a lot of money from the piracy business. Ultimately they got caught and they had to tell the police where their money is. Surprisingly, they had converted illegal money into Bitcoin and wanted that to hide from regulators.

However, as they were heading towards a much harder sentence, they handed over 50000 Bitcoins to police.

As reports claimed, the investigation was being conducted by Federal Criminal Police Office (BKA), the FBI and a forensic science company from Munich.

In a statement released yesterday Dresden police confirmed, "This is the most extensive seizure of bitcoins by law enforcement authorities in the Federal Republic of Germany to date."

German police seized 50000 Bitcoins worth over $2.17 Billion

Additionally, the police said they are further investigating the case with a view at illegally producing and spreading copyright content illegally and a possible money laundering by way of Bitcoins.

The two suspects 'voluntarily handed over Bitcoins' means that the BKA now holds a seizable amount of Bitcoins. However, it did not provide any clue about cashing in on to the confiscated Bitcoins.

In 2022, we witnessed an arrest of a couple who hacked Bitfinex and stole more than 100000 Bitcoins and now we witness this case. One thing is for sure that any illegal activity connected to Bitcoin or other Cryptocurrency has lower chance of hiding than Fiat. (Why didn't they use Privacy Coins, I wonder on a lighter note😜).

Now a days, all around the world we regularly listen about catching of criminals who are trying to escape with the help of Bitcoin. But, would technology ever allow criminals to run away, IMO technology is traceable and no one can run away and escape if involves technology in crime. Those who aren't using any means of technology in their crime are in better situation these days. Overall, I opine that it's a wrong conception that crypto is friendly for financial crimes. I suspect Fiat is far more capable of criminalising.

What do you think? What is your take on criminal activities involving Fiat Currencies or Crypto?

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Coins Reporter

Once a Bitcoiner and forever will be. Love to share my views even if they are unbelievable.

Coinsreporter

Let's talk about how cryptocurrency is revolutionising the financial sector. How it's changing your life and my life. The general idea of this blog is to write content that is relevant, up-to-date, useful and interesting.