IT Specialists Fail to Unlock $65M Worth Seized Bitcoin

IT Specialists Fail to Unlock $65M Worth Seized Bitcoin

The authorities in the Bavarian town of Kempton, Germany, had to accept their defeat in accessing the seized Bitcoins of a convicted hacker. Despite the officials’ tireless efforts, they could not crack the chain of passwords protecting over 1,700 Bitcoin assets of the fraudster sentenced to two-plus years of imprisonment by the court. The convict refused to disclose the access procedure for his Bitcoins in front of the officials while serving his punishment.

According to the report, the hacker was convicted by the court in April 2014 against his multiple crimes, including computer fraud. He secretly integrated malicious software into the computers of other people for mining Bitcoin on their system. The fraudster was 29 years old when he was held by the court for his crimes.

The authorities captivated more than 1,800 BTC of the hacker when he was put behind bars. Out of this seized asset cluster, they could sell 86 Bitcoins in 2018 in the marker space, making them fetch 500,000 Euros to their credit. However, the remaining tokens could not be held for sale as the IT specialists failed to unlock the password safeguarding them. The hacker restrained himself from helping the cops in accessing the Bitcoins.

The rise in the price of BTC has made the hacker’s stash stand at a value of over $65 Million worth, which is quite high in comparison to the time when he was convicted. Prosecutor Sebastian Murer’s statement stated that the wallet holding the remaining Bitcoins is under the control of the cops. The hacker, in no case, shall be able to gain access to his cryptocurrency.

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