Saxony Sells Seized Bitcoins Worth €300 Million Amid Legal Proceedings
Saxony's Bitcoin assets, seized due to ongoing legal proceedings, have started to be sold. The process, however, remains shrouded in secrecy.
The Saxon General Prosecutor's Office is overseeing the sale, with the German police involved in the custody of the Bitcoins. Around 5,000 Bitcoins, currently worth approximately 300 million euros, have been sold so far.
The destination of the funds is unclear, with the Saxon government citing ongoing proceedings. However, it's known that if the value exceeds 500,000 euros, 52.5% goes to the Ministry of the Interior and 22.5% to the Ministry of Justice. The proceeds ultimately flow into the general state budget of the Free State of Saxony.
An 'emergency disposal' under §111p StPO can be initiated if the seized item threatens to lose value rapidly. This provision might explain the recent sales, given Bitcoin's volatility.
The sale of seized Bitcoins in Saxony continues, with around 5,000 BTC already sold. While the destination of the funds is unclear, it's expected to go towards the general state budget once final court judgments are made. The process remains under wraps due to ongoing legal proceedings.
