Germany: Deadlock at expropriation of inmates Bitcoin funds

06/02/2021 07:10 GMT + 7

Because inmates do not declare the password of their Bitcoin account, German authorities are having difficulty in confiscating assets. By the time this inmate finished his term, the Bitcoin price was much higher.

In Germany, prosecutors are having trouble confiscating 1,700 Bitcoins, currently worth more than $ 60 million, from a fraud offender. They could not take out that Bitcoin, simply because the subject did not reveal the password.

A prosecutor in the town of Kempten (Bavaria) said that the police have failed many times in an attempt to access the above 1,700 Bitcoin. “We asked, but he refused to say,” prosecutor Sebastian Murer shared.

In Germany, prosecutors are having difficulty confiscating 1,700 Bitcoins from a fraud offender.

Subject was sentenced to prison for more than 2 years for secretly installing software on other people’s computers to gather resources to mine Bitcoin, until now has finished his prison term. The biggest problem now is that the Bitcoin price fluctuates too strongly, much higher than the time when this inmate was imprisoned.

Bitcoin’s price has risen sharply in the past, reaching a record high of 42,000 USD in January this year. The latest Bitcoin price on February 5 reached nearly $ 38,000. At this point, German authorities can only guarantee that offenders cannot access the property.

According to Bitcoin’s security mechanism, a user can only enter the wrong password 10 times before the account is permanently locked. Because of forgetting the password, a German programmer was forced to abandon more than 7,000 Bitcoins (about 260 million USD at the latest exchange rate).

Hero(According to Reuters)

Account holder forgot password, 140 billion USD Bitcoin will be like?

Account holder forgot password, 140 billion USD Bitcoin will be like?

The Bitcoin in the password forgotten e-wallets remains valid, but loses almost permanently its circulation.


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