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Hacker Deny German Authorities Access To $64 Million Worth Of Bitcoin Stash

Every attempt made by German authorities to access a whopping 1,700 bitcoin (BTC), worth around 53.4 million ($64 million) confiscated from a fraudster, has been unsuccessful.

Sebastian Murer, a German prosecutor aware of the case, told Reuters that since the fraudster was arrested, he has refused to give up the wallet’s private keys to security agents, maintaining his silence throughout his jail term. 

“Perhaps he doesn’t know,” the prosecutor added. 

Murer noted that several efforts made by authorities to crack the wallet’s private keys have also been futile. 

The Case

According to Reuters, the unnamed criminal was arrested and sentenced to two years imprisonment in 2018 for conducting cryptojacking, the unauthorized use of other people’s computers to mine cryptocurrency. 

The illegal act saw the fraudster amass a total of 1,700 bitcoin, which was, at that time, worth a fraction of the digital asset’s current value. 

The price of Bitcoin has since skyrocketed to an all-time high (ATH) of above $41,000 earlier last month. 

However, despite completing his jail term, the authorities have refused to give up the wallet that holds the Bitcoin fortune since he failed to reveal the wallet’s private keys to them. 

The Use Of Cryptojacking 

Cryptojacking has been one of the most disturbing events in the industry, which has helped criminals make illicit gains amounting to millions of dollars annually. 

Criminals illegally install this ransomware-like software on unsuspecting victims’ computers by getting them to click on a malicious code sent via an email or by infecting a website with javascript code that loads the crypto mining code on the computer. 

Once the illicit software has been installed, it mines cryptocurrency on the background whenever unsuspecting victims use the affected computers. 

Cryptojacking is mostly used to mine privacy coin Monero (XMR). 

As per a report published by Cyber Security firm Carbon Black, cryptojacking activities help hackers generate $1.69 million annually

While this is a case of deliberate denial to reveal the digital wallet’s password, Coinfomania reported earlier this year about a programmer who lost access to his bitcoin wallet due to a forgotten password.

 

 

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