The latest volatility in the crypto market has now gripped investors with fear and doubt as Bitcoin and other digital currencies have been continuously slipping down breaking crucial support levels. In the last one month, crypto markets have lost more than $150 billion in overall valuations.
The concerns surrounding the price volatility has recently caused German prosecutors to sell their cryptocurrency holdings on an emergency basis. These holdings were basically the seized cryptocurrencies amounting to a whopping $14 million.
On Monday, the local news source Der Tagesspiegel reported that prosecutors have long back ordered the sale of digital currencies, on Feb 20 earlier this year. The authorities took nearly two months in order to complete the sale process where it reportedly disposed 1,312 bitcoins, 1,399 bitcoin cash, 1,312 bitcoin gold and 220 ether in over 1600 transactions being made on the German trading platform.
The report says that digital currencies were seized during two investigations which are still undergoing and conducted by Bavarian cybercrime agencies. It further mentions that even though the prosecutor has yet not brought charges in the two cases, the German Legislation still allows for them for the immediate sale citing loss of value.
In the report, the state prosecutors explained: “Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the Bayern Central Office of Cybercrime ordered an emergency sale.”
The legislative office will now decide as to how to handle the proceeds of the sale as it still remains unclear whether the prosecutor will move forward with the investigation or not. In one of the similar cases last year, the Central Office of Cybercrime in Germany’s Hesse state had sole 126 Bitcoins that were confiscated through several years of the investigation being done on the darknet.