German authorities, with the guidance of the U.S. Federal Bureau of Investigation (FBI), have captured roughly $30 million within bitcoin in an operator of a pirate movie website. An unspecified amount of bitcoin cash has been captured.
Bitcoin and bitcoin cash Seized
The German state of Saxony’s media bureau announced Monday the confiscation of all “bitcoins employing an entire value of 25 million euros [$30 million].” The seizure has been in relationship with a situation between the internet site movie2k.to, a user-contributed video directory for both movies and tv programs that permitted users to obtain pirated content.
The Dresden General Prosecutor’s Office, the Saxony State Criminal Police Office, alongside the Leipzig tax division have been investigating two main operators of this pirate movie portal and also a property representative from Berlin connected with the context. All accused are German nationals. The web site operators allegedly dispersed over 880,000 pirated films and TV shows throughout the movie2k.to platform. They also handled an illegal streaming service between Fall 2008 and May 2013, the announcement particulars.
One of the operators had been the site’s programmer. The property representative have been in police custody since November last year concerning the significance of commercial cash laundering. The authorities say they’ve “fully admitted” to the crime and are helping law enforcement agencies in investigations contrary to another operator.
The programmer used the earnings from ads and also “subscription traps” to “buy large amounts of bitcoins” as mid-2012, ” the statement adds. Subscription traps refer to if users signed up for a service but found it nearly impossible to cancel.
“The programmer received over 22,000 bitcoins from this,” the authorities explained, noting that he largely employed the cryptocurrency to attain property properties between Fall 2013 and mid-2016. The true estate agent allegedly invested and managed which the programmer’s earnings from the movie2k.to website. The pirate site closed down in 2013 over copyright infringement concerns and was replaced by movie4k.to. At today’s rate of $11,640, the programmer’s BTC would be worth $256 million.
With the help of Germany’s Federal Criminal Police Office and the U.S. FBI, the authorities uncovered and seized bitcoin and bitcoin cash belong to the programmer. “The seized bitcoins were voluntarily released by the programmer during his interrogation by the public prosecutor for damage reparation,” the announcement concludes without specifying the number of coins seized.
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