Bitcoin Seized – But Can’t be Accessed
The one thing loved by investors investing in bitcoin is that its anonymity and the secured transfer of it. One such case has occurred in Germany where police have seized more than $60million (€50 million) in bitcoin but the catch is that they can’t access it because the person owning it won’t open his mouth for the password.
The crime of German Man
The man in the accused box was sentenced and has served his time in jail for furtively loading bitcoin mining software on people’s computers. But in his term, he was questioned and did not disclose how German authorities should get in. The common question arising in everyone’s mind is that can anyone seize something that isn’t in their access.
Story of Password
And another thing to address is that, how often do we hear news regarding passwords, PINs, and their collective absence about this cryptocurrency. One such incident happened with a programmer with his bitcoin fortune which got sealed in a secure hard drive revealing that about 20% of the total bitcoins existing in the world today (i.e., $140 billion) are completely inaccessible as they are locked up in various wallet with a forgotten passwords.
What Happens to this cryptocurrency?
So, there can be two scenarios’ in this case that either the German man has himself forgotten the password or is just playing strong with the people who had locked him up. So, the prosecutors say that man cannot access his largesse and so do the police, adding it to the pile of lost cryptocurrency.