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€50 million worth Bitcoin seized from a fraudster refusing to give password

Bitcoin is a very secure form of currency. If someone loses the password of their wallet or the storage device where the currency is stored, there is no chance of them getting the money back. Even recently news surfaced when a man lost the password to his wallet having Bitcoin worth $225 million. And now the person says that he has made peace with his loss. This is because there is no way for the person to get his money unless he has the password. Another now similar case has surfaced where €50 million worth Bitcoin were seized from a fraudster, but all in vain as he does not give up the password.

€50 million worth Bitcoin seized

The guilty was sent to jail for installing a software in people’s computers and used the power of the devices to mine Bitcoin. But as the german officials seized the crypto from the individual, the man didn’t give up his password. And so the money has forever been lost in the digital world. There were about 1700 coins in his wallet. And the police tried several times to unlock it but were ultimately unsuccessful. One of the prosecutors on the case said,”We asked him but he didn’t say”. The man has been sent to jail for a period of two years and has been serving his sentence maintaining full silence about the password.

Bitcoin’s growth in the past 6 months

€50 million worth Bitcoin seized

The value of the cryptocurrency was about $10000 in the mid of 2020. But by the end of 2021, it had already crossed the all-time high of around $20000 of 2017. Since then the price of Bitcoin has been constantly between the $30,000 and $40,000 mark with huge price swings from time to time. With the news of the Indian government planning to ban Bitcoin, the price of the current dipped. At the same time when Elon talked about the cryptocurrency and wrote “#Bitcoin” on his Twitter Bio, the price surged.

There have also been statements by Musk saying that he believes that the currency is on the verge of being widely accepted. Already payment portals like Visa are showing interest in the cryptocurrency and plan to integrate it as a payment method. This will make the use of Bitcoin to buy things and make payments across the 60 million merchants that the company has worldwide. Recently Citibank reports also said that the price of the cryptocurrency may cross $300,000 by the end of 2021.

What are your thoughts on the €50 million worth Bitcoin seized from the fraudster? And do you think that Citibank reports of the currency reaching $300,000 could materialize? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.

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