A group of German lawyers seized $ 60 million of Bitcoin after a fraudster was arrested. The only issue is that they cannot get the money because he refused to give them the password.
The man was sentenced to prison and remained silent throughout his detention, while the police were trying their best to decode the code and access more than 1,700 Bitcoins, but their efforts were unsuccessful, according to Attorney General Sebastian Maurer in Kempten, Bavaria.
“We asked him, but he didn’t say anything, he might not know,” prosecutor Maurer told Reuters on Friday.
Bitcoin is stored on a program called an encrypted digital wallet. A password is used as a decryption key to open the wallet and access bitcoin. If the password is lost, the user will not be able to open the wallet.
The fraudster was sentenced to over two years imprisonment for secretly installing software on other computers to exploit their power in “mining” or producing Bitcoin.
The criminal could earn his stock of bitcoins a fraction of the current value while he was behind bars due to the rise in the bitcoin price over the past year, which reached a record high of $ 42,000 in January.
According to Cryptocurrency and Coindesk blockchain sites, Bitcoin traded for $ 37,577 on Friday, but prosecutors have asserted that the man will not be able to access the generosity.