The German public prosecutor’s office confiscated Bitcoin worth more than 50 million euros from a fraudster. There is only one problem: you can’t unlock the money because he doesn’t give you the password.
The man was sentenced to jail and has since served his sentence while police made repeated failed efforts to crack the code to gain access to more than 1,700 bitcoin, a prosecutor in the Bavarian city of Kempten said.
“We asked him, but he didn’t say it,” public prosecutor Sebastian Murer told Reuters on Friday. “Maybe he doesn’t know.”
Bitcoin is stored in software called a digital wallet that is secured by encryption. A password is used as a decryption key to open the wallet and access the bitcoin. If a password is lost, the user will not be able to open the wallet.
The fraudster had been sentenced to more than two years in prison for covertly installing software on other computers to use its power to mine or produce bitcoin.
If he went behind bars, his Bitcoin stash would have been worth a fraction of its current value. The price of Bitcoin has risen over the past year, hitting a record high of $ 42,000 in January. It was trading at $ 37,577 on Friday, according to cryptocurrency and blockchain website Coindesk.
However, prosecutors have made sure that the man does not have access to generosity.
This story was published by a wire agency feed with no changes to the text.
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