Police Seize Over EUR 50 Million of Bitcoin! Now, Where’s the Password?
German prosecutors have spanned over EUR 50 million (approximately Rs. 440 crores) value of Bitcoin in the fraudster. There is just 1 problem: they can not unlock the cash because he will not give them the password.
The guy had been sentenced to prison and has served his sentence, claiming his excitement during while authorities made repeated failed attempts to decode the code to get over 1,700 Bitcoin, ” said a prosecutor from the Bavarian city of Kempten.
‘Maybe he does not understand’
Bitcoin is saved on applications called an electronic wallet that’s secured via encryption. A password can be used as a decryption key to start the wallet and get the Bitcoin. When a password has been missing the consumer can’t start the wallet.
The fraudster was sentenced to over a couple of years in prison for installing applications on additional computers to exploit their ability to’mine’ or create Bitcoin.
When he moved behind bars, his Bitcoin stash could have been worth a small percent of the present price. It had been trading at $37,577 (approximately Rs. 27.3 crores) on Friday, based on cryptocurrency and blockchain site Coindesk.
Prosecutors have assured that the man can’t get into the largesse, yet.