German police seize 50,000 bitcoin in piracy website bust

A record-breaking 50,000 bitcoin worth over $2 billion has been seized by German authorities following an investigation into a movie piracy site, police announced today. 

The investigation, headed by multiple German authorities, focused on two men who allegedly ran “pirated copy portals” under the name Movie2K until mid-2013 and used the profits to buy bitcoin.

The 50,000 bitcoin confiscated earlier this month, is said to be the biggest seizure of its kind to date. According to authorities, the suspects voluntarily handed over the bitcoin to wallets that are controlled by Germany’s Federal Criminal Police Office. 

In pursuing the case, German authorities received help from the FBI and a Munich-based forensic IT firm.

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German police say they are yet to decide what to do with the bitcoin and that there are currently no charges against the pair. As reported by DPA International, a spokesman for the Dresden public prosecutor’s office said, “If an indictment is brought, the investigation will be closed.”

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