Monday, May 27, 2024

$60 million worth of Bitcoin seized by Police

Recently a German prosecutor has seized more than about 50 million euros that are approx. $60 million worth of bitcoin from the fraudster.

The only problem is that they cannot unlock the money because the fraudster would not give the password.

However, he has been sentenced to jail for more than two years and he served his term while maintaining his silence to the police when they made continuous efforts to inquire and to crack the code for accessing more than 1,700 bitcoin, but all the efforts got failed as reported by the prosecutor in Bavarian town of Kempten.

Bitcoin is stored on digital wallet software and it is secured through the encryption. Password is a decryption key for opening the wallet and the access to bitcoin. If the password is lost, the user cannot open the wallet.

Fraudster covertly installed software on computers to strap the power to “mine” or to produce the bitcoin.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

Related Articles

Latest Articles