German Police Seize 50,000 Bitcoin Valued at $2.17 Billion in Copyright Violation Probe

According to reports, the Saxony police in Germany have confiscated approximately 50,000 Bitcoin (BTC), worth around $2.17 billion, as part of an investigation into copyright infringement. The seizure, announced on January 30, is linked to two individuals, one German and one Polish, who allegedly acquired the Bitcoin using proceeds from selling pirated material on websites in 2013.

The confiscation operation was conducted collaboratively by the Saxony police, tax authorities, and state prosecutors. The authorities mentioned that the accused willingly transferred the Bitcoin to official wallets provided by the police. However, a final decision regarding the use of the seized Bitcoin is pending.

The exact timing of the Bitcoin purchase by the accused individuals remains unclear, though there are speculations that it occurred when the cryptocurrency's value was relatively low. Similar interventions in cryptocurrency-related offenses have been observed in other countries. For instance, U.S. authorities reportedly confiscated a total of 210,429 BTC in connection to various crimes, according to Glassnode data as of October 31.

Further reports indicate that German authorities submitted 1,906 information requests to the cryptocurrency exchange platform, Coinbase, from Q4 of 2022 to Q3 of 2023. Prior to reaching a $4.3-billion settlement with U.S. authorities, major exchange platform Binance withdrew its cryptocurrency custody license application in Germany, a decision believed to be influenced by evolving international regulations and market conditions.