German Authorities Sold $14 Million in Seized Cryptos Over Price Fears

Prosecutors in Germany have made an emergency sale of cryptocurrencies seized in two investigations due to concerns over price volatility.

May 29, 2018 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 7:59 a.m. UTC

Concerns over high price volatility have prompted prosecutors in Germany to make an emergency sale of seized cryptocurrencies worth over €12 million (around $14 million).

Local news source Der Tagesspiegel reported Monday that Bavarian prosecutors ordered the sale on Feb. 20. At the time, bitcoin's price had rebounded to nearly $10,000 after hitting a yearly low of $5,947 on Feb. 6, according to CoinDesk's Bitcoin Price Index.

Taking nearly two months to complete, the sale reportedly disposed of 1,312 bitcoins, 1,399 bitcoin cash, 1,312 bitcoin gold and 220 ether via over 1,600 transactions on a German trading platform.

The cryptocurrencies were all seized during two ongoing investigations being conducted by Bavarian cybercrime agencies. Although the prosecutor has not yet brought charges in the two cases, German legislation allows for emergency sales if assets seized in ongoing investigations face an immediate threat of loss of value, according to the report.

"Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the Bayern Central Office of Cybercrime ordered an emergency sale," the state prosecutors explained in the report.

Following the sale, the office has yet to determine how to handle the proceeds, since it remains unclear whether the prosecutor will move forward with the investigations.

At the end of last year, the Central Office of Cybercrime in Germany's Hesse state also made a notable sale of 126 bitcoins confiscated over several years through investigations on the darknet. At the time, bitcoin's price was around its all-time-high at $20,000, which resulted in proceeds of nearly $2.3 million, according to an earlier report from Der Tagesspiegel.

German police image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Crypto Carbon Trading Is Racing to Clean Up Its Act; Cryptos Drop Even as Stocks Rise

Carbon credit protocols have had a difficult time in recent months but have been working to improve the way they operate; bitcoin outperformed other major cryptocurrencies in Thursday trading.

Carbon credit protocols have had a difficult time in recent months but have been working to improve the way they operate; bitcoin outperformed other major cryptocurrencies in Thursday trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
Terra Devs Need a Home. Other Blockchains Are Courting Them

Armed with multimillion-dollar ecosystem funds, chains like Polygon and Kadena are trying to woo coders whose work is endangered by Terra’s meltdown.

Armed with multimillion-dollar ecosystem funds, chains like Polygon and Kadena are trying to woo coders whose work is endangered by Terra’s meltdown.

CoinDesk - Unknown
3
CoinDesk - Unknown
Circle Recommends Against a Digital Dollar, and Ethereum Beacon Chain Suffers Longest ‘Reorg’ in Years

The most valuable crypto stories for Thursday, May 26, 2022.

The most valuable crypto stories for Thursday, May 26, 2022.

CoinDesk - Unknown
4
CoinDesk - Unknown
Huobi Acquires Latin American Crypto Exchange Bitex

The Chinese crypto exchange is seeking to expand in Latin America, but Bitex will continue to operate under the same name and with its current management team.

The Chinese crypto exchange is seeking to expand in Latin America, but Bitex will continue to operate under the same name and with its current management team.

CoinDesk - Unknown