2024-02-02 10:56:18
© Reuters The German government confiscated $2.17 billion worth of Bitcoin
| Erez Raviv, Devar News
“Davar” news German police confiscated 50,000 coins worth $2.17 billion from a programmer who operated a pirated movie site between 2008-2013, according to a publication this week in the New York Times. The programmer, whose name has not been published, bought bitcoin from the profits he made from the pirated website movie2k.to, and managed to enable about 880,000 illegal downloads, until the government shut him down in 2013. The large amount confiscated is due to the fact that at the beginning of 2013, bitcoin traded at about $13, but by the end of the year It was trading at about $200 and today it is trading at close to $42,000
According to the New York Times, the Bitcoin confiscation happened a few weeks ago, with the programmer himself being arrested in 2019 for a few months while the investigation continued. The German seizure at the current time also allows the German government to flood the market with bitcoin stock for sale, which could, theoretically, both compensate the media companies affected by pirated downloads and increase the state’s revenues.
According to the British crypto journalist David Gerrard, the market value of Bitcoin is a fiction controlled by manipulations and forgeries of value as in the crypto token, whose value is supposed to be tied to the dollar, but its dollar backing is hidden and the issuing company does not allow dollar redemptions for any holder.
In recent weeks, at least a billion non-fake dollars have flowed into the crypto market, through the launch of a large number of hedge funds tracking Bitcoin for trading on Wall Street. The flow was preceded by significant value increases, some of which are based on issuances of billions of Tether-linked dollars…
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