German Authorities Seize $2 Billion Worth of Bitcoin
A German programmer accused of running an illegal movie streaming site transferred $2.17 billion worth of Bitcoin to the authorities as restitution for his illegal activities.
Extensive Seizure of Bitcoins in Germany
German authorities have made the largest seizure of Bitcoins to date in the country, with a value of $2 billion. The funds were transferred by a German programmer who is accused of operating an illegal movie streaming site over a decade ago.
Kay Anders, a spokesman for the Saxony state police, described it as the 'most extensive seizure of Bitcoins by law enforcement in the Federal Republic of Germany.' The funds will be held in the authorities' Bitcoin account until a court decides what to do with them.
The Illegal Movie Streaming Site
The accused 40-year-old German citizen and his business partner are currently under investigation for their alleged involvement in running movie2k.to, an illegal video-sharing site that operated from 2008 to 2013. The site offered tens of thousands of movies in multiple languages for download, attracting users from around the world.
During its active years, movie2k.to facilitated the illegal downloading of nearly 880,000 copies of films. Although it was shut down by authorities in 2013, other similar sites emerged to fill the void.
The Confessions and Seizure
The accused programmer took the profits from the illegal site and invested them in Bitcoin. Over time, the cryptocurrency's value soared, reaching over 40,000 euros per coin.
The programmer, who was arrested in 2019, made the substantial transfer of the seized funds a few weeks ago. He has since been released, as he is not deemed a flight risk. The authorities have commended his cooperation, which was crucial in the seizure of the Bitcoins.
