Latest News

German Police Seizes $30M in Crypto From Illegal Movie Streaming Site

German Police (Courtesy: Cointelegraph)

Following a long investigation with the American FBI, German police has seized at least $30 million in crypto from an illegal movie streaming site

The site in question here was shut in 2013 due to concerns related to copyrights. The main operators have been accused of distributing over eight lakh pirated films with their accomplices, via the site between fall 2018 and spring 2013. The dup have also been charged with operating an illegal streaming service, which reportedly enabled users to watch pirated films without downloading them.

One of these two accused has been in police custody since November 2019.

Earlier this month, the Dresden Public Prosecutor’s Office, supported by the State Criminal Police Office in Saxony and the Leipzig Tax Investigation Department made an announcement, which stated that the programmer had cooperated in forfeiting over 25 million euros ($29.6 million) worth of Bitcoin (BTC) and Bitcoin Cash (BCH).

The two accused in the case have been alleged to use the profits from advertising fees on and subscription revenue to buy large amounts of Bitcoin

The programmer has acquired in excess of 22,000 BTC from this. He is also reportedly under suspicion of commercial money laundering in connection with his activities as a real estate entrepreneur in Berlin.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.