• German prosecutors have confiscated more than €50 million (US$60 million) worth of bitcoin from a fraudster, but there is only one problem: they cannot unlock the money because he will not give them the password.

    Bitcoin is a very secure form of currency. If someone loses the password of their wallet where the currency is stored, there is no way for getting the money back. Even recently news surfaced when a someone said he has lost the password to his wallet having Bitcoin worth $225 million but he has made peace with his loss. Another now similar case has surfaced where €50 million worth Bitcoin (BTC) were seized from a fraudster, but all in vain as he does not give up the password.

    €50 million worth Bitcoin seized

    This Fraudster was sent to jail because of installing a software in people’s computers and used the power of the devices to mine Bitcoin. But as the German authorities seized the crypto from the individual, the man didn’t give up his password. And so the money has forever been lost in the digital world. There were about 1700 coins in this wallet. And the police tried many times to unlock it but were finally unsuccessful. One of the prosecutors on the case said: “We asked him but he didn’t say”. The man has been sent to jail for a couple years and has been serving his sentence maintaining full silence about the password.

    Bitcoin’s growth in the past 6 months

    The value of the flagship cryptocurrency was about $10000 in the mid of 2020. But by the end of 2021, it had already hit the all-time high of around $20000 of 2017. Since then the price of Bitcoin has been constantly between the $30,000 and $40,000 mark with massive price swings from time to time. With the news of the Indian government planning to ban Bitcoin, the price of the current dipped. At the same time when Elon Musk talked about the cryptocurrency and wrote “#Bitcoin” on his Twitter Bio, the price increased.

    There have also been statements by Musk saying that he thinks that the currency is on the verge of being widely accepted. Already payment portals such as Visa are showing interest in the cryptocurrency and plan to integrate it as a payment method. This will make the use of Bitcoin to buy goods and make payments across the 60 million merchants that the company has globally. Recently Citibank reports also said that the price of the cryptocurrency may cross $300,000 by the end of 2021.

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