A bitcoin fraudster in Germany had his entire stash of the cryptocurrency seized by local police. The only problem? Authorities needed the man to give up his password to the riches. He didn’t tell them for at least two years while he sat in prison!
We don’t really understand how cryptocurrency works but that doesn’t mean we can’t appreciate dedication to the craft. That crypto criminal was clearly committed to his bitcoin. Props!
The man was initially sentenced to jail for more than two years in Germany for secretly installing software on other computers to harness their power to “mine” or produce bitcoin. When police arrested him and confiscated his supply of over 1,700 bitcoin, it was worth just a fraction of what it is now.
Fast forward two years and the man served his time while never once giving up his password to German authorities. All the while, bitcoin value continued to skyrocket. Today, 1 bitcoin is worth just over $37,000 USD! His stash is now worth at least $60 Million USD!
If you can go two years without giving up valuable information to the cops, you deserve to cash in on the riches! It’s only fair! That should be in the German constitution somewhere, right?
$60 million worth of bitcoin?!
While it’s unclear what German authorities intended to do with the bitcoin stash, they were completely unable to crack the password. This means that his stash is just sitting in a digital “wallet” somewhere and it’s only going up in value.
Police have to be kicking themselves just wishing they had tried out some Guantanamo Bay shit on this cyber criminal. All that money and it’s completely inaccessible. You’d think that the bitcoin miner turned criminal would be able to just get his fortune now, but apparently police say he will be unable to access it.
While that is definitely a huge bummer, folks on the Internet were quick to weigh in on the news.
Only time will tell what will actually happen to this incredibly valuable cryptocurrency now.
While the stakes of misremembering your wallet password are incredibly high, it seems like a pretty secure way of safely holding onto a boatload of cash. All we can say is, score yet another one in the win column for bitcoin investors.
We just wish we knew how to invest in it. Someone in the comments please help us!