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Ethereum
$2,445.40 7.93%
ETH · 4w

Germany Cleans and Sells $113M Worth of Seized Crypto

Prosecutors in the German state of Hesse have sold €100-million ($113-million) worth of cryptocurrencies that were confiscated by the authorities from three drug traffickers earlier this year.

Announced on Wednesday by the prosecutor’s office in Frankfurt, Germany’s anti-cybercrime unit has tapped the services of Bankhaus Scheich Wertpapierspezialist AG, a local bank specializing in digital assets to ‘clean’ the    cryptocurrencies  Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin...

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