How German police "seized" bitcoin worth of $ 60 million
|Slavomír Kaňuk|source|698x
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How German police "seized" bitcoin worth of $ 60 million

Last week, a report appeared on the scene, according to which the German police managed to end the activities of a fraudster who should currently serve a two-year prison sentence. He was sentenced for instaling malware on his victims' computers, using their computing power for bitcoin mining. Bitcoin, which would currently have a value of more than $ 60 million (1,700 BTC), was also confiscated during the investigation.


However, the authorities soon encountered a problem. The only way they can actually seize the funds from a given wallet is that owner will reveal his private key to them. A private key based on a sophisticated form of cryptography is the only access to any electronic wallet. The German authorities have even tried unsuccessfully to hack this key several times. However, cryptography, and therefore mathematics, does not care whether you are the state government, the police, Bill Gates or an ordinary person. The rules are the same for everyone - not your private key, not your bitcoin.


Of course, we do not support the mentioned fraudster in any way. However, this case clearly shows one of the main advantages of cryptocurrencies. The only master of funds on an electronic wallet is always the owner of the private key.


We currently live in a relatively peaceful country, which does not mean that it must be so forever. Countries in which governments have easy access to their citizens' fundamental rights and private property are no exception in the world. For example, they liquidate the political opponents of the ruling party, who could only be guilty of their own opinion. Thus, cryptocurrencies are not a way to become fabulously rich in a short time, but a tool of absolute protection and control over their funds.


So in Germany, this story is likely to end exactly as you expect. The fraudster "does not remember" his private key, will serve his two-year sentence and will probably have a beautiful life somewhere where is a little warmer.


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