Confiscated Bitcoins: Wallet lock denies public prosecutor access to 50 million euros

The Kempten public prosecutor’s office cannot access the confiscated bitcoins from a fraudster with a value equivalent to 50 million euros due to a wallet lock.

The Kempten public prosecutor’s office can not sell Bitcoin Up, currently worth more than 50 million euros, that have been confiscated from a convicted computer fraudster because of a wallet block, according to a report by Frankenpost on February 4.

Locked wallet

The former Bitcoin owner refuses to hand over the wallet password, which is why the Bitcoins cannot be accessed and sold as planned. Before his conviction in 2014, the fraudster had illegally mined 1,800 bitcoins on other people’s computers.

Only 86 of the confiscated Bitcoins could be sold in 2018 for the equivalent of around 500,000 euros. The remaining bitcoins are still inaccessible to the public prosecutor on an encrypted wallet, for which the convicted person does not want to provide the password or has since forgotten it himself.

The man has now served the prison sentence that began in 2014. He himself can no longer access the bitcoins either, as the wallet has been blocked from outside access.

Bitcoin remains very attractive for fraudsters

Bitcoin continues to attract many scammers who want to profit from the hype surrounding the cryptocurrency in various ways. In December, for example, a fraud scheme with fake recommendations from Australian celebrities for fraudulent crypto investment schemes was uncovered .