German Authorities Confiscate $2.17 Billion in Bitcoin Linked to Alleged Illegal Movie Streaming Operation
In a significant development, German law enforcement authorities have seized approximately 50,000 Bitcoin (BTC) valued at $2.17 billion in connection. With an ongoing investigation into an illegal movie streaming website.
The probe targets two individuals suspected of operating the piracy portal and acquiring Bitcoin through their illicit activities. The Dresden Public Prosecutor’s Office, overseeing the investigation. Disclosed that the suspects, a 40-year-old German and a 37-year-old Pole, are implicated in unauthorized exploitation of copyrighted works. And subsequent commercial money laundering related to a German pirated portal active until May 2013. The assets were secured after one suspect voluntarily transferred the BTC to a digital wallet. Provided by the Federal Criminal Police Office (BKA), marking the largest Bitcoin seizure of its kind in Germany.
The investigation stems from the operators’ alleged distribution of over 880,000 pirated films from 2008 to May 2013, funded by advertising fees and subscriptions, ultimately converted into substantial Bitcoin holdings. As of now, the two individuals remain uncharged, pending potential indictment according to Patrick Pintaske, spokesman for the Dresden Public Prosecutor General’s Office.
Clever Robot News Desk 2nd February 2024