German police confiscate $2.1b in Bitcoin from illegal file sharing

German authorities have confiscated approximately 50,000 Bitcoins, valued at around $2.1 billion.

The action is part of an extensive investigation targeting an online file-sharing service deemed illegal by the authorities. It represents the most substantial quantity of Bitcoin ever secured by German law enforcement. The operation was collaborative, involving the Saxony state prosecutors, Germany’s Federal Criminal Police Office, and the U.S. Federal Bureau of Investigation.

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The investigation has focused on two individuals believed to have amassed this vast amount of Bitcoin (BTC) through profits generated by a German-based file-sharing website, which ceased operations in 2013.

According to the prosecutors, one of the suspects transferred these digital assets into a wallet controlled by the federal police of Germany.

Bitcoin has been experiencing a consecutive monthly rise, marking what could be its longest streak of gains since the increase fueled by pandemic-driven financial policies.

This latest law enforcement action underscores the ongoing vigilance against illegal online activities and the increasing significance of cryptocurrency in such operations.

Read more: EU moves to define crypto as financial instruments, tightens rules for non-EU firms

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