This Country Sold The Confiscated Bitcoins - News-Credit-Mortgage-Coin


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Wednesday, November 25, 2020

This Country Sold The Confiscated Bitcoins


Lithuania's tax office, the State Tax Inspectorate, or STI, reportedly sold the seized cryptocurrency for about 6.4 million euros and then transferred the funds to the state budget.

This move marks the first time the Lithuanian government body is selling cryptocurrencies seized for fiat money.

Bitcoin and Others

The news states that the seized crypto assets consist of cryptocurrencies Bitcoin, Ethereum and Monero seized in February this year. State Tax Inspectorate representative Irina Gavrilova said it took almost a day for cryptocurrencies to be converted to euros and added in a statement:

For the tax administrator, the whole process is a new process that begins with the acquisition of the confiscated cryptocurrency and ends with its implementation.

The STI representative said in a report that it will be much easier to sell such confiscated assets in the future. However, regarding how the STI sells the seized crypto, the authority stated that the exchange process requires the STI to create a crypto wallet to get crypto from law enforcement.

Sales Have Been In The Past

Several countries sell seized cryptocurrencies in their own way. For example, in October Romania auctioned Bitcoin and Ethereum seized as part of an undisclosed fraud case. Ernst and Young announced the auction in 2017 of "24,518 BTC seized as crime proceeds by the Australian police." The following year, Bulgaria's law enforcement seized approximately 213,000 BTC, which were also sold at auction.

Even the US government sells cryptocurrencies that are often confiscated at auctions run by the US Marshals Service. Earlier this year, the US federal agency faced serious criticism after it announced the auction of $ 38 million worth of 4,041,58424932 Bitcoins in February.

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