German prosecutors have been left unable to access over $60 million worth of bitcoin cryptocurrency because the fraudster that they confiscated it from has refused to give the password of the wallet.
The man, who was not named, was arrested by the police and has been sentenced to spend 2 years in jail for covertly installing software on other computers in order to harness their power to mine bitcoin.
The man has served his sentence and, in the meantime, his stash of bitcoin is worth millions.
In January this year, the price of bitcoin reached at around $42,000.
On February 5, 2021, Coindesk, a cryptocurrency and blockchain website, reported that it was trading at $37,577.
The collection of the man has been confiscated and it is now worth over $60 million.
A prosecutor in the Bavarian town of Kempten said that the police had made a number of efforts to crack the code that would allow them to access more than 1700 bitcoin.
None of their attempts were successful.
The fraudster has also refused to reveal the password.
The authorities did not reveal any information about the man that is refusing to reveal the password of their bitcoin wallet.