Finland is on its way to cash in on the bitcoins that were seized in 2016 506
According to the criminal investigations, the customs officials of Finland have revealed their plan for selling 1981 bitcoins, which were mainly seized in connection with drug trafficking. The majority of suspended bitcoins are related to the Douppikauppa case, the darknet operator, who got arrested in 2016.
As per the Finnish broadcasters’ reports, the confiscated bitcoins are holding an estimated value of $800000, when it was seized. Since the current trading value of the bitcoins is above $38000, according to the Finnish customs, they can cost over $75 million if they were sold at the value price of current times.
As BTC Continues to Soar Finland Wants to Cash in on Bitcoins Seized in 2016
Finland’s customs officials have revealed plans to sell 1,981 bitcoins that were seized mainly in connection with drug trafficking-related criminal investigations. The majority of the confiscated bitcoins (1,666) are from the Douppikauppa case, the darknet operator who was arrested in 2016.
To Sell or to Destroy the Coins
According to a report by one Finnish broadcaster, the confiscated bitcoins had an estimated value of $800,000 at the time of the seizure. However, with bitcoin now trading above $38,000, Finnish Customs may well get over $75 million if the coins are sold at current prices.
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by
Anthonia Isichei on
January 8, 2021 Bitcoin
Tulli, Finland’s customs service is the latest government agency looking to profit off the recent Bitcoin price spike by auctioning off its stash of seized BTC. Several enforcement agencies have in the past sold off cryptocurrencies recovered as part of investigations into criminal syndicates.
Tulli to Sell Almost 2,000 BTC Seized from Criminals
According to Finnish broadcast house Yle, the country’s customs authority is set to auction off about 1,981 Bitcoin seized during several criminal raids in the last five years. Indeed, 1,666 BTC of the auction sum comes from its 2016 investigation into the notorious Finnish drug kingpin Douppikauppa.
Finland’s Customs office has announced plans to sell its cryptocurrency assets.
The agency has previously hesitated over what to do with an estimated 1,981 in bitcoin, mostly seized in connection with narcotic investigations.
At the current exchange rate, the blockchain-based currency could be worth up to 60 million euros, although the value of Bitcoin has fluctuated hugely in recent years.
Most of the agency’s crypto assets date from 2016, when 1,666 bitcoins were seized in a major drug bust. The value of that seizure was initially less than 700,000 euros, but at today’s price it has risen to more than 50 million euros.