Victor Ugochukwu · Dec 14, 2020 . 5min read
$30 million Bitcoin seized by German authorities from pirate movie site
German authorities seized nearly $30 million worth of Bitcoin from the operators of a pirated content website 'movie2k.to'
By Shilika · Aug 8, 2020 . 4min read
According to Saxony’s media, German authorities have confiscated nearly $30 million worth of Bitcoin. Officials seized the amount from the operators of movie2k.to, a website that allows people to download pirated content.
The Dresden General Prosecutor’s Office, the Saxony State Criminal Police Office, and the Leipzig tax division worked with the FBI to uncover the case. The German authorities implicated the operators of the website and a real estate developer from Berlin. The operators of the site also ran an illegal streaming service between 2008 and 2013.
Through the website, the operators were able to illegally distribute more than 880,000 movies and TV shows. The sites programmer and the real estate developer have been cooperating with the German authorities since November. They admitted to scamming users through ‘subscription traps’, where once a user subscribes to a service, they find it nearly impossible to cancel their subscriptions. They also used the money from advertising revenue to purchase Bitcoin.
The scammers managed to acquire around 22,000 Bitcoin through their dealings. In today’s market, that amount of Bitcoin would fetch you nearly $256 million. The scammers used most of the Bitcoin to make investments in real estate, however. The real estate developer was responsible for managing the funds. The website shut down back in 2013 and was replaced by another by the name of movie4k.to.
German authorities announced that the scammers voluntarily gave up their remaining Bitcoin in an effort to make up for damage reparations.
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