German police confiscated a scammer’s Bitcoins. They faced a huge problem with Bitcoins worth $ 60 million. The problem was the lock in the digital wallet and the fraudster was not giving the password.
The prosecutor of the city of Kempten, in the state of Bavaria, stated that the fraudster has remained silent ever since he was sentenced to prison and started serving his sentence. Although the police repeatedly attempted to decrypt more than 1,700 Bitcoins, they were not successful.
Prosecutor Sebastian Murer told Reuters, “We asked personally, but he didn’t speak to us. Maybe he doesn’t know either,” he said.
The virtual cryptocurrency Bitcoin is stored with software known as a digital wallet protected by encryption. To open the wallet and access Bitcoin, a password is used to unlock the lock. If the password is lost, the user cannot open the wallet.
The fraudster, who secretly installed software on other computers to harness the power of others to “mine” or generate Bitcoin, was sentenced to more than two years in prison.
When the fraudster was jailed, the value of his Bitcoins was far below its present value. But Bitcoin has surged rapidly over the past few years, reaching a record of $ 42,000 in January. Today Bitcoin is trading at $ 37,577.