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Business Insider

German prosecutors reportedly are holding about 1,700 bitcoin confiscated from a bitcoin miner, but the man will not give them his password to unlock the cryptocurrency.
“We asked him but he didn‘t say,” Sebastian Murer, a prosecutor, said on Friday. “Perhaps he doesn’t know.”
At Saturday‘s bitcoin price, the stash was worth about US$67.9 million.
The bitcoin miner, who was from Kempten, Bavaria, was not named in the report. He was sentenced to about two years in prison after installing bitcoin mining software on others‘ computers, using them to remotely to build a sum of bitcoin.
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He reportedly kept his mined bitcoin in a password-protected digital wallet, which is a common way to hold the digital currency.
Without the password, there‘s no way to open a digital wallet.
Last month, another man in Germany had a bitcoin stash of about US$220 million rendered inaccessible because he‘d lost his password. In January, a man from the Welsh city of Newport said he’d mistakenly thrown away about 7,500 bitcoin, worth about US$275 million.
About US$140 billion in bitcoin, or about 20 per cent of all bitcoin, is stranded in wallets because forgot their passwords, according to The New York Times.
As the cryptocurrency has ballooned in the last few months, locked-out owners have watched the value climb. Bitcoin hit US$40,000 last month for the first time, then US$41,000, before pulling back. It‘s since climbed again, and, as of Saturday, its 24-hour high was US$39,982.81, according to CoinDesk.


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German prosecutors said they asked a man they jailed for illegal bitcoin mining to give them his password to gain access to 1,700 coins
The man refused, with one of the prosecutors saying ‘perhaps he doesn’t know’ the password


German prosecutors said they asked a man they jailed for illegal bitcoin mining to give them his password to gain access to 1,700 coins


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