German seizure of Bitcoins and other cryptocurrencies nets them $14 Million in emergency sale
According to a report in the Tagesspiegel newspaper, the Bavarian justice treasury department, held an emergency sale of the cryptocurrencies due to concerns of the wild fluctuations prices.
The State prosecutors said: “Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, an emergency sale was ordered by the Central Office of Cybercrime Bavaria.”
A total of 1,312 Bitcoins, 1,399 Bitcoin Cash tokens, 1,312 Bitcoin Gold tokens and 220 Ether were seized during a crackdown of the LuL.to platform. The LuL.to platform was linked to the sale of over 200,000 illegally copyrighted ebooks and audiobooks.
The website was blocked last June, with the operators arrested and the assets seized by the Bavarian justice treasury department.
During the course of a few months, the justice department sold the assets through a series of more than 1,600 transactions on various German cryptocurrency trading platforms.
According to Der Tagesspiegel, the total of all the sales amounted to just over €12 million ($13.9 million).