Finland cashes in on the sale of confiscated bitcoins

Finland has sold its hoard of confiscated bitcoins as the cryptocurrency market cools off, yielding less than previously expected.

The country liquidated 1,889.1 bitcoins over the summer via two brokers, raising $50 million, it said yesterday.

The coins had been confiscated from drug trafficking and, according to court rulings, had become the property of the state.

While the US government was the first to sell confiscated bitcoin at auction in 2014, other countries have also increasingly been selling cryptocurrencies seized in criminal investigations.

Proceeds from the sale will be donated to Ukraine for humanitarian and reconstruction aid, the Finnish government, led by Prime Minister Sanna Marin, decided in May when it estimated the proceeds from the sale at 55 million euros.

Finland’s stake was valued at well over $100 million at the height of the crypto boom last year, but the Nordic nation made no attempt to time the market with its sale. Most of the virtual currency was seized in raids prior to 2018, and authorities have taken their time deciding what to do with them.

They launched a tender for brokers interested in helping convert the digital assets into hard currency in July 2021 and eventually selected two companies to conduct the sale in April. The authorities made particular efforts to ensure that the funds did not fall back into criminal hands and hired brokers who would comply with anti-money laundering laws.

Finnish customs still hold 90 bitcoins awaiting a court ruling on expiration, as well as an undisclosed amount of other cryptocurrencies.

https://www.independent.ie/business/world/finland-cashes-in-with-sale-of-confiscated-bitcoin-41858959.html Finland cashes in on the sale of confiscated bitcoins

Fry Electronics Team

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