Finland’s customs authorities have announced that they will hire brokers to sell 1,981 bitcoins that have been confiscated from illegal drug trafficking networks to sell in. to convert Fiat currency. At the time of writing, the bitcoins in question are valued at around $ 79 million and are currently in the possession of Finnish Customs.
Pekka Pylkkanen, the finance director of the Finnish customs authority, spoke about the development and said that the Finnish customs authority wants to sell the bitcoins through a broker. A broker will ensure a reliable and secure sale of the crypto assets.
According to the report, the Finnish Customs Agency plans to sign up to three brokers for a two-year contract worth around 250,000 euros (297,000 US dollars). It could reach up to € 2 million if the government agency seizes more bitcoins and other cryptocurrencies. This area takes into account the volatile price movement of cryptocurrencies.
Customs authorities seized the majority of the seized bitcoins in 2016 (1,666 out of 1,981) after arresting Finnish drug trafficker Douppikauppa.
During this time, the government informed the authorities that they were prohibited from storing the coins on crypto exchanges and were advised to keep them away from digital platforms.
At the time of the seizure, the bitcoins were worth around $ 860,000, but they are currently valued at more than $ 79 million.
In 2018, Customs wanted to auction bitcoins, but the agency didn’t move ahead amid concerns that the crypto assets could fall back into criminal hands.
Now the price of Bitcoin has skyrocketed, Finland’s customs authorities want to liquidate the confiscated coins as soon as possible in the coming months.
Direct seizures and sales of cryptos
In the past few years, several nations have sold crypto assets that were seized in a criminal investigation, with the US taking the lead in 2020.
In November 2020, the U.S. Department of Justice seized more than $ 1 billion worth of bitcoin tied to the Silk Road website’s criminal marketplace.
During that time, the Justice Department moved approximately 70,000 bitcoins from an account believed to be linked to the illegal marketplace. Silk Road was an online black market for everything from drugs to rental killers to stolen credit cards.
The US government closed the online black market in 2013. But the above sum was the largest amount of Cryptocurrency previously seized by the Ministry of Justice.
In March 2021, the French government also auctioned bitcoins worth 28 million euros, which were seized by hackers in 2019.
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