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German State Earns 100 Million Euros From the Sale of Seized Crypto Coins

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The German state of Hesse has earned 100 million euros from selling seized crypto coins. The Frankfurt public prosecutor’s office announced this on Wednesday.

 

In July, a court sentenced three suspects to prison terms in a case of large-scale drug smuggling. Their loot, which was seized, consisted of various cryptocurrencies, such as bitcoin.

The state of Hesse and the public prosecutor’s office in Frankfurt sold that loot for altogether about 100 million euros. For this, they entered into a partnership with the securities trader Bankhaus Scheich, who auctioned the coins – in addition to bitcoin, ten other cryptocurrencies – in a week.

At the end of October, the North Rhine-Westphalia prosecutor’s office organized an auction of 215 seized bitcoins for the first time in Germany. It yielded about 12 million euros.

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