Germany announces the colossal seizure of 50,000 Bitcoin (BTC)

Recently, the largest Bitcoin (BTC) seizure in Germany was officially announced by the German authorities. Specifically, 50,000 BTC were confiscated as part of a piracy investigation. Let’s see all the details below. 

Record in Germany in Bitcoin seizure 

As anticipated, German authorities have confiscated 50,000 Bitcoin linked to a piracy website, with the suspects transferring the digital currency to police wallets, generating uncertainty in the adoption of cryptocurrencies.

The unprecedented seizure of 50,000 Bitcoin, worth approximately 2 billion euros (2.17 billion dollars), was carried out by German law enforcement, led by the state criminal police of Saxony. 

This operation represents the largest cryptocurrency seizure in the history of Germany.

The seizure of these cryptocurrencies was the result of a broader investigation into alleged copyright infringements and unauthorized commercial exploitation of copyrighted works.

The Bitcoins were linked to two individuals, one German and one Polish, accused of operating a piracy website until 2013. Authorities believe that the Bitcoins were purchased with the proceeds from the distribution of pirated material through their website.

In an unusual manner, the suspects voluntarily transferred the Bitcoin to the official wallets of the Federal Criminal Police Office (BKA), but the fate of these cryptocurrencies remains uncertain.

This raises questions about the possible impact on the market, considering the significant amount of Bitcoin involved.

Copyright and money laundering 

In addition to its remarkable size, the seizure is noteworthy for the collaboration between various agencies, including the General Prosecutor’s Office of Dresden, the Federal Criminal Police Office (BKA), the FBI, and a Munich-based company of forensic computer experts. 

This highlights the growing attention of law enforcement agencies to the connection between cryptocurrencies and illegal activities, especially in violation of copyright and money laundering.

The operation is part of a broader context in which global authorities are intensifying efforts to regulate and monitor crypto transactions related to illegal activities. 

In addition, it highlights the growing ability of law enforcement to track and seize digital assets, a crucial aspect in the ongoing debate on regulation and the use of cryptocurrencies.

As the investigation continues, further details may emerge about the implications of this seizure, both for the suspects and for the entire cryptocurrency market. At the moment, it remains a significant case in the history of cryptocurrency application in Germany.

Finoa and the strategic $15 million funding round

A few weeks before the aforementioned crypto mishaps in Germany, Finoa, the German company specialized in staking and crypto custody services, successfully completed a strategic funding round, raising 15 million dollars. 

The investment was co-led by Maven 11 Capital and Balderton Capital, with the participation of well-known investors including Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars.

The co-founder and co-CEO of Finoa, Christopher May, revealed that the fundraising process started in June of the previous year, with conclusion in December. 

The initial goal was to raise between 5 and 6 million dollars from existing investors. However, due to the growing interest from external investors, especially after the recent achievement of profitability, the company has surpassed that goal.

This funding round represents a significant milestone for Finoa, coming almost three years after the company secured $22 million in Series A funding in April 2021. 

Contrary to a broader round of Serie B, Finoa has chosen a targeted strategic financing approach, in line with its growth objectives.

It is expected that this strategic investment will boost Finoa’s expansion and strengthen its position in the institutional cryptographic services sector. 

Probably surpassing key competitors like Fireblocks and Anchorage thanks to its qualified custody in Europe and licenses from the German Federal Financial Supervisory Authority.