Skip to main content
You have permission to edit this article.
Edit
German court can't cash $60M in bitcoin from man who won’t give up passwords
spotlight AP

German court can't cash $60M in bitcoin from man who won’t give up passwords

  • Updated
  • 0
{{featured_button_text}}

Elon Musk: Bitcoin is on the verge of acceptance

KEMPTEN, Germany — German court authorities are unable to cash in more than 50 million euros ($60 million) in bitcoins confiscated from a convicted fraudster as he has not revealed the passwords, a court spokesman said.

The court in the southern town of Kempten has been able to sell just 86 of the 1,800 bitcoins seized from the man, who created them illegally by hacking the computers of others.

This brought in 500,000 euros.

Speaking after details of the coins were revealed in the local press, the court spokesman said that the digital coins were protected by multiple passwords and that IT specialists had been unable to crack them.

It was also possible that the fraudster had forgotten them.

“We asked him but he didn’t say,” prosecutor Sebastian Murer told Reuters on Friday. “Perhaps he doesn’t know.”

The man, who was first convicted in 2014, has now served his sentence. The court authorities have secured his bitcoin wallet in a way that prevents him from gaining access to it.

How to start investing in stocks with little or no experience

Investing for the first time can be downright intimidating. Here's how you can get started.

Be the first to know

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Most Popular

Get up-to-the-minute news sent straight to your device.

Topics

Breaking News

News Alert