German Authorities to Sell $14M Worth Crypto Due to Risks

The Bavarian Public Prosecutor's Office issued an order to sell the seized cryptocurrency; main reason - price drop risk
29 May 2018   384

Concerns over the possibility of a further decline in the prices of digital assets forced the German authorities to sell the confiscated bitcoins and other crypto-currencies for an amount equivalent to $ 14 million, CoinDesk reports.

The Bavarian Public Prosecutor's Office issued an order to sell the seized cryptocurrency on February 20, when the bitcoin rate returned to $ 10,000 after reaching a minimum below $ 6,000.

The liquidation of the cryptocurrency took about two months. A total of 1,312 bitcoins, 1 399 Bitcoin Cash, 1 312 Bitcoin Gold and 220 Ethereum were sold for 1,600 transactions through the German trading platform.

All crypto coins were confiscated during two ongoing investigations of Bavarian law enforcement agencies dealing with cyber security. Although the charges in these cases have not been brought to the present time, German laws allow the liquidation of confiscated assets if there is a risk of their loss.

Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the Bayern Central Office of Cybercrime ordered an emergency sale.
 

German state prosecutors 

As the department will dispose of the proceeds, it is still unknown, since the final decision on the cases was not rendered.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   93

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.