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   559

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.

Coinbase to Expand Services for Asia

Among the services available now there are Coinbase Prime, Pro and Custody
22 January 2019   120

Coinbase, the leading US cryptocurrency company reported that from now on its professional trading and custodial platforms are available to institutional clients and investors with large volumes from the Asian region.

In particular, according to the Coinbase blog, users of Asia will have access to the option of depositing accounts and withdrawing funds using SWIFT transfers through non-US bank accounts.

In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners.

Elliott Suthers


Among the services available there are Coinbase Prime, Coinbase Pro and Coinbase Custody, which also supports the steamer USDC.

In December 2018, Coinbase began to provide services to residents of the islands of Guernsey and Maine, as well as Lithuania, Iceland, Andorra and Gibraltar.