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$113 Million in Dirty Crypto Cleaned by Frankfurt Prosecutors

  • Frankfurt bank hired to put the money back into circulation
  • Illicit crypto was sold within a week, says Bankhaus Scheich
Ethernet cables connected to cryptocurrency mining rigs.
Ethernet cables connected to cryptocurrency mining rigs.Photographer: Andrey Rudakov/Bloomberg
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Prosecutors in the German state of Hesse tapped a local bank to “clean” cryptocurrencies worth about 100 million euros ($113 million) they seized in a criminal case against three drug traders.

The anti-cybercrime unit of the Frankfurt General Prosecutor turned to Bankhaus Scheich Wertpapierspezialist AG, a specialist in digital assets, to return the cryptocurrency to regular circulation, the agency said in a statement Wednesday. The pair said they will cooperate in future criminal cases to put confiscated cryptocurrencies back into the markets.