Bitcoin Worth Over 50 Million EUR Seized from Fraudster by German Security Agents

The German security agents intercepted and prosecuted a fraudster who scammed people to the tune of 50 million euros. However, the authorities are still left with a problem given how the fraudster had not been corporative during the interrogation and prosecution.

German Security Agents still Faced with a Problem

Although the authorities were successful in apprehending the criminal, they have been unable to recover the money in the form of Bitcoin. This is a very technical problem as the value of the stolen electronic currency keeps appreciating. This is in light of the impressive rise of Bitcoin for the time being.

The fraudster was reported to have scammed people through the installation of software on people’s computers. This digital application was installed to get sensitive information about these people’s ability to produce or mine Bitcoin.

The information was used selfishly to his advantage as he ripped the persons apart. The cybercriminal has since served his time but has yet refused to be corporative.

Why the Difficulty Accessing the Fund

The manner in which cryptocurrency (especially Bitcoin) operates is responsible for the inability of the security agents to access the electronic fund.

Bitcoin as with several other electronic coins makes use of a formidable encrypted system that can only be unlocked with the user’s password. As a result, the German security agents will still be unable to resolve the situation. This is unless the fraudster opens up on the password used to secure the Bitcoin. 

However, the German security agents have also tried to make sure the criminal is also unable to access the account.

At this point, some key officials are beginning to think the acclaimed fraudster is truly unaware of the password. The possibility is that he has forgotten at some point. However, the fact remains that cracking the account open as a result of the way Bitcoin works remains a mystery for the security agency.