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German police recently seized 50,000 bitcoins worth $2.17 billion in the country's largest-ever cryptocurrency seizure.
“This is the largest bitcoin seizure by law enforcement agencies in the Federal Republic of Germany to date,” said police in the German city of Dresden. The investigation was supported by the German Federal Criminal Police Office (BKA), the FBI, and a Munich-based digital forensics IT specialist firm.
German police have seized 50,000 bitcoins worth $2.17 billion in the country's largest-ever cryptocurrency seizure.
German police officials said the investigation targeted two men, aged 40 and 37, suspected of running a website that violated Germany's Copyright Act since 2013.
A 40-year-old German programmer and his 37-year-old business partner were accused of running an illegal movie streaming website more than a decade ago. The proceeds from the website were then converted into bitcoins. The bitcoins were seized after the suspects voluntarily transferred them to an official digital wallet provided by the BKA.
In fact, during its heyday, from 2008 to 2013, the site had tens of thousands of movies available for pirated download in multiple languages. According to news reports at the time, users from all over the world visited the site, making it one of the top 25 most visited websites in Germany.
After the site was shut down by authorities in 2013, a number of similarly named sites opened to fill the void. Authorities say that in the five years that movie2k.to was in operation, it allowed users to illegally download nearly 880,000 pirated movies.
German police added that their investigation suspected that in addition to illegally exploiting copyrighted works, the two suspects also engaged in illegal commercial money laundering, although no formal charges have been filed against the two men.
The German Federal Criminal Police Office (BKA) did not provide further details about the transfer, but German news agency DPA quoted investigators as saying that no decision had been made on converting the seized bitcoins into cash until the court could find a way to deal with the money. German police said they would not provide further information until the investigation was completed.
TH (according to VTC News)
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