German police can't access $68 million worth of seized bitcoin

German police have seized 1,700 bitcoin (currently worth about $68 million) from a hacker, but they cannot access the cryptocurrency because the fraudster won't share the "password" (presumably the associated private keys).

"We asked him but he didn't say," prosecutor Sebastian Murer told Reuters on Friday. "Perhaps he doesn't know."

The man was sentenced to jail for more than two years. He was arrested for hacking other people's computers and using them to mine bitcoin.

While the authorities can't access the bitcoin, they have ensured the fraudster cannot access it either, according to the report, although it is not clear how the police have ensured so.

Last month, German-born programmer Stefan Thomas, living in the U.S., made headlines for not remembering the password to unlock his 7,002 bitcoin (currently worth about $281 million).

About Author

Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.