One of the suspects in the case of distributing pirated materials voluntarily transferred tens of thousands of bitcoins (BTC) to law enforcement officers. German police have previously confiscated 50 thousand BTC worth $2.1 billion. This is the largest action involving the seizure of the number one cryptocurrency, according to a press release from law enforcement.
Raised $2 Billion on a Pirate Site
A large number of bitcoins is associated with the activities of a pirate site that operated until the end of 2013. It was created by two men from Germany and Poland, who are now suspected of money laundering and violating the Copyright Act.
The police claim that the men spent all the funds received on the purchase of BTC. Law enforcement officers were not mistaken – one of the suspects voluntarily transferred all his assets to the address of the The Federal Criminal Police Office of Germany (BKA). However, they did not provide detailed information about the transaction. On the other hand, investigators said that they have not yet made any decision about cashing out the bitcoins. Police also noted that they would not release any further information until they complete their investigation.
BTC Taken Away by US authorities
At the end of December, it turned out that the US Court of Appeal made a final decision on the seizure of almost 70 thousand BTC from the now defunct darknet marketplace Silk Road. Moreover, the planned sale represents only 1.5% of the total amount of bitcoins that the American government has at its disposal. According to the latest data, this number is now 194,188 BTC ($7.7 billion).
Last Year
In the fall of 2023, the US Attorney’s Office filed a lawsuit to seize $54 million in cryptocurrency from the leader of a drug gang from New Jersey. According to court documents, for five years the defendant and his accomplices laundered proceeds from the sale of prohibited substances.
Earlier, it also became clear that during a six-month operation, Interpol managed to detain almost 3,500 suspects and confiscate assets worth $300 million, of which $101 million were in cryptocurrencies.
How Authorities Monitor Crypto Transactions?
Previously, we also talked about how law enforcement uses two main methods to track transactions. They highlight specific wallet addresses that are believed to belong to the criminal.
- Identify common spending patterns: Using this technique, law enforcement agencies determine how many wallets a criminal controls in a single transaction.
- Address reuse: Authorities are scanning the blockchain to detect address reuse.
