German authorities seized over $60 million worth of Bitcoin (BTC) from a fraudster. However, the Bitcoin fraudster refused to give them the password to open the private keys. The fraudster had b
The Bitcoin fraudster has already served his term in jail. However, he refused to provide the authorities with the password. Meanwhile, German prosecutors failed to access the wallet containing over 1,700 due to complicated security protection.
In an interview with Reuters on Friday, prosecutor Sebastian Murer said: “We asked him but he didn’t say. Perhaps he doesn’t know.”
Bitcoin has high-security encryption and to access BTC, individuals would need a private key. The private keys are made up of extremely complicated secret numbers that allow the private exchange of cryptocurrencies. Nevertheless, the problem with private keys is that their owners are obliged to remember them.
An IronKey stores the digital wallet and Bitcoin holders need to remember the password to access it. That being said, if they forget the password, they won’t be able to retrieve it as Bitcoin doesn’t have any password retrieval procedure.
