Total damage from Berlin watch heist hits 32 million euros
The total damage from the watch heist amounts to 32 million euros.
The total damage from the watch heist is 32 million euros. The crypto startup Timeless has also been affected.
It could be one of the biggest robberies in recent years: on November 19, two men broke into a vault in the Charlottenburg district of Berlin and stole items worth several million euros. Investigations showed that the crypto startup Timeless was among the victims. This reported by the business outlet Finance Forward.
Media reports put the haul at at least 10 million euros. However, sources say the total damage from the break-in is higher than previously thought.
"The damage amounts to 32 million euros," confirmed a spokesperson for the Berlin Attorney General.
Crypto startup Timeless: Customers get their invested capital back
The Berlin-based startup Timeless offers tokenized shares in luxury items like paintings or Rolex watches. The crypto fintech stored some of these luxury watches in safes in a vault at a former private bank on Berlin's Ku’damm. Those same safes are now among the ones cracked during the November 19 raid.
On December 5, Timeless told its customer base that the fintech was one of the victims of the break-in. It is currently unclear how large the damage will be relative to the total amount of 32 million euros. Still, Timeless has repeatedly stressed that all assets are insured against such scenarios.
"Timeless only kept the monitoring assets in the secured facility; Timeless customers are always covered against asset loss — they will receive a refund of their individual purchase costs including fees," said a spokesperson for the Berlin-based startup. However, there is no potential return on the investment. "We currently expect to receive a schedule from the insurer within the next two weeks regarding repayments," they add. It is currently unknown how many Timeless watches are involved. She said she could not comment on the incident due to ongoing investigations.
Timeless shared the stolen safes with Watchmaster, among others. According to investigation by t-online, the company had 2,200 watches stored there at the time of the break-in — nearly half were stolen by the thieves. As a result of the damages, the watchmaker subsequently filed for bankruptcy.
Timeless writes the following about insolvency: "If we run out of money — which won’t happen — then the shares of all users who invested with us will be protected anyway, because the shares will be transferred to the buyer."
Police appeal for help in investigation
Meanwhile, Berlin police and prosecutors are certain the crime was planned. The burglars sprayed paint on the dressing-room cameras, among other things. They reportedly had foreknowledge of the location and the security measures there, according to a statement from authorities.
"The fact that planning was needed for the crime can be inferred from the need to overcome various security measures and, of course, the preparation of the escape from the crime scene," a spokesperson for the Berlin Public Prosecutor’s Office said.
In addition to safes from companies like Timeless and Watchmaster, valuables such as gold, cash, and jewelry from private individuals were stolen. To cover their tracks, the burglars also tried to start fires in the safes, which police say only partially succeeded.
Authorities are asking for help with the investigation and have a €5,000 reward for tips. Private individuals have offered a further €20,000 reward.
