German authorities had to urgently sell confiscated cryptos worth more than €12 million ($14 million). The case would not be there unless crypto-assets were volatile and governments were concerned about this.
A Huge Sale
According to Der Tagesspiegel report dated May 28, Bavarian prosecutors ordered a massive sale of seized cryptos. The case took place at the end of February, however, all the details were revealed just a few days ago.
At the time of the order (February 20), the price of the most valuable cyber coin in the world – bitcoin – went up to a margin of just about $10,000 after it lost its value, reaching the low of $5,947 on February 6, as per Coinmarketcap.com.
Regarding the authorities’ issued sale, it seized:
- 1,312 units of BTC
- 1,399 units of BCH
- 1,312 units of BTG
- 220 units of ETH
Overall, they were sold via more than 1,600 transactions on a German crypto-bourse in the time span of about two months.
Where Are All These Coins From?
Earlier Bavarian cybercrime agencies started two probes, in which they confiscated crypto-assets. The investigations are still being held, and there have not been brought any charges in any of the cases.
Despite this, it was possible to conduct the vending as long as German legislation permits the sale of confiscated assets in case there are threats of loss of value.
In the report, the German prosecutors stated:
"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."
However, it remains unclear whether the prosecutors are going to continue the investigations or not. Thus, the German office is yet to clarify how to deal with the proceeds after the sales have been completed.