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{"@context":"https:\/\/schema.org\/","@type":"NewsArticle","headline":"Bitcoin Worth Over EUR 50 Million Seized From Fraudster Who Refuses to Give Up ","datePublished":"2021-02-05T16:26:15+05:30","dateModified":"2021-02-05T16:28:27+05:30","description":"German prosecutors have confiscated more than EUR 50 million (roughly Rs. 440 crores) worth of bitcoin from a fraudster. There's only one problem: they can't unlock the money because he won't give them the .","articleBody":"German prosecutors have confiscated more than EUR 50 million (roughly Rs. 440 crores) worth of Bitcoin from a fraudster. There's only one problem: they can't unlock the money because he won't give them the .\r\n\r\nThe man was sentenced to jail and has since served his term, maintaining his silence throughout while police made repeated failed efforts to crack the code to access more than 1,700 Bitcoin, said a prosecutor in the Bavarian town of Kempten.\r\n\r\n"We asked him but he didn't say," prosecutor Sebastian Murer told Reuters on Friday. "Perhaps he doesn't know."Elon Musk Dogecoin on Twitter Makes Cryptocurrency Soar 50 Percent\r\n\r\nBitcoin is stored on software known as a digital wallet that is secured through encryption. A is used as a decryption key to open the wallet and access the Bitcoin. When a is lost the cannot open the wallet.\r\n\r\nThe fraudster had been sentenced to more than two years in jail for covertly installing software on other computers to harness their power to "mine" or produce Bitcoin.\r\n\r\nWhen he went behind bars, his Bitcoin stash would have been worth a fraction of the current value. The price of Bitcoin has surged over the past year, hitting a record high of $42,000 (roughly Rs. 30.6 lakhs) in January. It was trading at $37,577 (roughly Rs. 27.3 crores) on Friday, according to cryptocurrency and blockchain website Coindesk.India Will Explore Blockchain for Digital Economy, Says Union Minister\r\n\r\nProsecutors have ensured the man cannot access the largesse, however.\r\n\r\n© Thomson Reuters 2021\r\n\r\n\r\nIs LG Wing's unique design alone enough to help it succeed in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, the episode, or just hit the play button below.\r\n\r\n\r\n links may be automatically generated - see our ethics statement for details.","keywords":"Bitcoin,blockchain,cryptocurrency","url":"https:\/\/www.gadgets360.com\/internet\/news\/bitcoin-worth-eur-50-million-seized--police-fraudster-wont-give--2363900","inLanguage":"en","mainEntityOfPage":{"@type":"WebPage","@id":"https:\/\/www.gadgets360.com\/internet\/news\/bitcoin-worth-eur-50-million-seized--police-fraudster-wont-give--2363900"},"author":[{"@type":"Person","name":"Reuters"}],"image":{"@type":"ImageObject","url":"https:\/\/i.gadgets360cdn.com\/large\/bitcoin_colours_reuters_1611921415626.jpg","width":"1200","height":"800","caption":"Bitcoin is stored on software known as a digital wallet that is secured through encryption"},"publisher":{"@type":"Organization","name":"Gadgets 360","url":"https:\/\/www.gadgets360.com","logo":{"@type":"ImageObject","url":"https:\/\/cdn.gadgets360.com\/gadgets360_logo.png","width":160,"height":45}},"alternativeHeadline":"Police Seize Over EUR 50 Million of Bitcoin! Now, Where's the ?","articleSection":"Internet","thumbnailUrl":"https:\/\/i.gadgets360cdn.com\/large\/bitcoin_colours_reuters_small_1611921508864.jpg"}
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Bitcoin Worth Over EUR 50 Million Seized From Fraudster Who Refuses to Give Up
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Bitcoin Worth Over EUR 50 Million Seized From Fraudster Who Refuses to Give Up
The German police made repeated failed efforts to crack the code to access more than 1,700 bitcoin.
By Reuters | Updated: 5 February 2021 16:28 IST
Bitcoin is stored on software known as a digital wallet that is secured through encryption
Highlights
The man was sentenced to jail and has since served his term
Prosecutors have ensured the man cannot access the largesse
When a is lost the cannot open the Bitcoin wallet
ment
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German prosecutors have confiscated more than EUR 50 million (roughly Rs. 440 crores) worth of Bitcoin from a fraudster. There's only one problem: they can't unlock the money because he won't give them the .
The man was sentenced to jail and has since served his term, maintaining his silence throughout while police made repeated failed efforts to crack the code to access more than 1,700 Bitcoin, said a prosecutor in the Bavarian town of Kempten.
"We asked him but he didn't say," prosecutor Sebastian Murer told Reuters on Friday. "Perhaps he doesn't know."
Elon Musk Dogecoin on Twitter Makes Cryptocurrency Soar 50 Percent
Bitcoin is stored on software known as a digital wallet that is secured through encryption. A is used as a decryption key to open the wallet and access the Bitcoin. When a is lost the cannot open the wallet.
The fraudster had been sentenced to more than two years in jail for covertly installing software on other computers to harness their power to "mine" or produce Bitcoin.
When he went behind bars, his Bitcoin stash would have been worth a fraction of the current value. The price of Bitcoin has surged over the past year, hitting a record high of $42,000 (roughly Rs. 30.6 lakhs) in January. It was trading at $37,577 (roughly Rs. 27.3 crores) on Friday, according to cryptocurrency and blockchain website Coindesk.
India Will Explore Blockchain for Digital Economy, Says Union Minister
Prosecutors have ensured the man cannot access the largesse, however.
© Thomson Reuters 2021
Is LG Wing's unique design alone enough to help it succeed in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, the episode, or just hit the play button below.
links may be automatically generated - see our ethics statement for details.
Cryptocurrency Prices across Indian exchanges
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Bitcoin Worth Over EUR 50 Million Seized From Fraudster Who Refuses to Give Up
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