German Police has seized over 50 million euros (US$60 million) worth of bitcoin from a fraudster. However, in order to get access to that money, the Prosecutor will need the man’s password which he isn’t giving up even after several attempts to crack the code.
A prosecutor in the Bavarian town of Kempten stated that the man has been maintaining his silence throughout when he was sentenced to jail and has since served his term. The police made repeated failed efforts to crack the code to access more than 1,700 bitcoin. He is arrested for stealthy installing software on other computers to harness their power to produce or mine bitcoin.
On Friday, prosecutor Sebastian Murer informed sources that, “We asked him but he didn’t say,” “Perhaps he doesn’t know.”
However, the Prosecutors have ensured that the man doesn’t have access to the largesse.
Bitcoin is stored in a digital wallet that is secured through encryption; A password is used as a decryption key to open the wallet and access the bitcoin. In case the password is lost the user cannot open the wallet.
