The German prosecutors had been able to successfully confiscate $60 million worth of Bitcoin, which is roughly 50 million euros. But there is a problem that prevents them from accessing the illicitly obtained amount: the German prosecutors do not have the password to the fraudster’s account.
One of the most significant advantages of investing in bitcoin is that you have a massive amount of money that could solely be accessed if the bitcoin owner shares his password. This issue had confronted the German prosecutors. The prosecutors then seized millions in bitcoins from a fraudster but unfortunately could not unlock the amount as the fraudster denied giving them the password.
The fraudster’s name had not been revealed in the Reuter’s report. But the fraudster had been sentenced to prison, and he had served his term. In spite of being jailed, he did not mention the password that would grant access to the stolen Bitcoins worth millions.
The German prosecutors had repeatedly tried to bring out the password from the accused fraudster, but they have failed each time. The Kempten prosecutor Sebastian Murer had revealed this information. He said that they had asked the convicted fraudster to provide the password, but he did not disclose in any circumstances. The Kempten prosecutor had also added that it is possible that the man does not at all know about the password.
Another news outlet had reported that the accused fraudster had been caught. At the same time, he was busy installing the bitcoin mining software on the several computers of the individuals that would mine or produce Bitcoin (BTC). While the fraudster was in jail serving his sentence, he had never shared with anyone how the police could access the defrauded bitcoin.
When the fraudster had been jailed for the crime he had committed, his bitcoin had a different value from what it is today. Nevertheless, over the last year, the value of bitcoin has surged that increases his fortune. The value hit approximately $42,000 that had propelled the value of over 1,700 Bitcoin into more generous proportions.
Bitcoins are generally stored in digital wallets that are run by digital software. This is however secured via the encryption. Thus, to open the wallet, one would require its decryption keys. In this case, the password is the decryption key without which the bitcoin that is stored in the wallet will work as hidden and as well as inaccessible. If the user loses the password, he will never be able to access anything that is stored in his digital wallet.
Earlier, the New York Times reported that around 20% of bitcoin existing today is locked in wallets bearing lost passwords. Thus, they are inaccessible. It can be considered this fact to lead the German prosecutors to state that the fraudster might not be knowing his password.
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