{"id":181785,"date":"2021-02-07T02:00:43","date_gmt":"2021-02-07T02:00:43","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=181785"},"modified":"2021-02-06T20:22:11","modified_gmt":"2021-02-06T20:22:11","slug":"60-million-in-bitcoin-seized-by-german-police-but-no-one-gave-them-the-private-key","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/60-million-in-bitcoin-seized-by-german-police-but-no-one-gave-them-the-private-key\/","title":{"rendered":"$60 million in Bitcoin seized by German police…but no one gave them the private key"},"content":{"rendered":"

German authorities have learned about crypto recovery the hard way. A recent case saw them seize over $60 million worth of Bitcoin<\/a> from a fraudster….who never gave them the private key to the stash.<\/span><\/p>\n

Not your keys, on your coins<\/b><\/h2>\n

A private key is a sophisticated form of cryptography that allows a user to access his or her cryptocurrency. This forms an integral aspect of bitcoin and altcoins, and its security make up helps to protect a user from theft and unauthorized access to funds.<\/span><\/p>\n

This means that unlike fiat money and real-world assets, Bitcoin and a few other cryptocurrencies are fully decentralized and cannot ever be seized unless the private key is also in the owner\u2019s\/holder\u2019s possession.<\/span><\/p>\n

As per <\/span>Reuters<\/i><\/a><\/strong>, the case saw German prosecutors confiscate more than $60 million worth of Bitcoin from a fraudster. The man was been sentenced to more than two years in jail for installing mining malware software on victim computers to illegally and illicitly utilize their computing resources to reap Bitcoin rewards.<\/span><\/p>\n

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That\u2019s the point, isn\u2019t it https:\/\/t.co\/NRl0xUAvmR<\/a><\/p>\n

— Payton Alexander (@AlexanderPayton) February 5, 2021<\/a><\/p><\/blockquote>\n