German Authorities Sell Seized Cryptos Worth $14 Million Over Price Fears
Due to high price volatility, Germans prosecutors have been prompted to make an emergency sale of seized cryptocurrencies costing over €12 million (around $14 million).
Der Tagesspiegel, a local news source, reported on Monday that Bavarian prosecutors ordered the sale on Feb. 20. At the time, bitcoin’s price had bounced back to nearly $10,000 after hitting a yearly low of $5,947 on Feb. 6, according to Coindelite’s Bitcoin Price Index.
The sale which took nearly two months to complete 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 acquired during two ongoing investigations being carried on by Bavarian cybercrime agencies. Though the prosecutor has not yet induced charges in the two cases, German legislation grants emergency sales if assets seized in ongoing investigations face an instant threat of loss of value, according to the report.
The state prosecutors explained in 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.”
In spite of the completion of the sale, the office has yet to decide how to manipulate the proceeds, since it remains unclear whether the prosecutor will proceed forward with the inquiries.
By the end of last year, the Central Office of Cybercrime in Germany’s Hesse state also made a distinguished sale of 126 bitcoins usurped over several years through probes on the darknet. At the time, bitcoin’s price was about its all-time-high at $20,000, which resulted in proceeds of nearly $2.3 million, as per an earlier report from Der Tagesspiegel.