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Authorities Secure $2 Billion in Bitcoin from Pirate Site Operators * TorrentFreak

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Pirate sites can generate significant revenue streams, but they’re not billion-dollar operations. With the right timing and risk tolerance, it is possible to build substantial wealth, however, as a German case illustrates. With help from the FBI, German police managed to secure nearly 50,000 bitcoin (USD $2 billion) from the operators of the defunct movie streaming portal, Movie2k.

movie2kmovie2kPirate sites were early adopters of cryptocurrency. The Pirate Bay, for example, started accepting bitcoin donations in 2013.

At the time, a single bitcoin was worth roughly $120, just a fraction of today’s price of $43,000. If The Pirate Bay had kept all donations received it would have millions in bitcoin today.

Movie2K was another pirate site that showed an early interest in bitcoin. In its heyday, the site was the dominant pirate streaming portal in German-speaking countries. It generated a healthy revenue stream, part of it held in bitcoin….

You can read the full Torrent Freak article here

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