A German man accused of taking $2.9 million (€2.5 million) worth of cryptocurrency has avoided criminal charges.
The case, heard by the Higher Regional Court in Braunschweig, centered around the transfer of 25 million tokens. The man had helped the victim set up a wallet for a crypto project.
During the process, he reportedly gained access to the wallet’s 24-word recovery phrase, which allowed him to move the tokens into two wallets outside the victim’s control.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What Are Oracles in Crypto? (Beginner Friendly Animation)
However, under German law, theft only applies to physical items. Because digital assets like cryptocurrency have no physical form, the court ruled that they do not qualify as “property” under Section 242 of the Criminal Code.
The court also said “computer fraud” did not apply because there was no clear sign of unauthorized data manipulation for personal gain. Since blockchain transactions happen in a decentralized system, it was not possible to show that the transfer was made with false intent.
A charge of falsifying evidence was also dismissed. The judges explained that, on a public blockchain, it is difficult to identify the person behind a transaction.
The same issue came up with the “data alteration” charge. The court agreed that data had been changed, but said this change was carried out by the blockchain network itself.
John Woeltz and William Duplessie were recently released on $1 million bail each after being accused of kidnapping and harming an Italian man in a Manhattan townhouse. Why? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
