German prosecutors commissioned local bank to clean cryptocurrencies worth $ 113 million-
German prosecutors commissioned local bank to clean cryptocurrencies worth $ 113 million-
German prosecutors have commissioned a bank to "clean" cryptocurrencies in criminal proceedings. "Since the cryptocurrencies are connected to crime, they are considered 'contaminated coins' and cannot be traded on mainstream exchanges," said the bank.
bank commissioned to adjust cryptocurrency in crime cases
The anti-cybercrime unit of the Hessian Attorney General Frankfurt has reportedly commissioned the Bankhaus Scheich Werbapperzäzistrichist AG to "clean" cryptocurrencies worth around 100 million euros ($ 113 million), Bloomberg reported on Wednesday. The coins were confiscated in criminal proceedings in which three drug dealers were involved.
The bank found that confiscated Kryptos would return to the regular circulation after cleaning, and explained:
Since the cryptocurrencies are connected to crime, they are considered "contaminated coins" and cannot be traded on mainstream exchanges.
The cleaning process established by the Bankhaus Sheikh "ensures that trading partners are informed that the currencies are back in legal possession and are declared and can be sold as 'clean'," says the publication. However, Frankfurter Bank did not do any further details of the procedure.
The Bankhaus Sheikh found that the confiscated cryptocurrency was sold in a week at the beginning of this month. The proceeds are now being added to the state budget.
The prosecutors and the bank said that they will work together in future criminal proceedings to bring confiscated cryptocurrencies back to the markets.
Several people on social media found the step of the German government interesting. Podcaster Joe Weisenthal tweeted, for example:
It is interesting that governments are essentially in the service of crypto reversal. They take contaminated crypto (which was confiscated in crime cases and is not traded on stock exchanges as such) and then wash it so that it can be traded freely on the market.
What do you think that the federal government commissioned a bank, conflicted cryptocurrencies to "clean"? Let us know in the comment area below.
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