Finnish authorities sell $79 million worth of confiscated bitcoin
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Answer Finnish authorities sell $79 million worth of confiscated bitcoin
The Finnish Customs Department has decided to take over the sale of the majority of the cryptocurrency confiscated from bitcoin, estimated at 1,611 bitcoins, local newspaper yle reported Thursday.
The stash of bitcoin is worth over $79 million at current bitcoin price rates.
For your information, bitcoins were seized and confiscated from their owners in 2016.
While these cryptocurrencies were scheduled to be sold earlier in 2018, the authorities were concerned that Bitcoin would find its way into the hands of criminals.
Although these concerns still exist, the Customs Administration has found nothing but good selling before it.
stated Mr. Pekka Pilkanen, Financial Director of the Finnish Customs Administration:
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The administration will sell the bitcoin directly or through an intermediary that handles the process.
Bitcoin will be sold out as soon as practicable, in the coming months.
We carefully considered other options before the current decision.
According to the customs law, we had the option of handing it over to another government agency or having it destroyed.
In conclusion, we came to the conclusion that the alternatives other than the sale process are not realistic.
How did the Finnish government end up with so much bitcoin?
The Finnish government confiscated most of the bitcoins in the middle of 2016 after stopping the “Douppikauppa” store that was active on the “dark web” and the “Valhalla” store, which was also active on the “dark web”.
According to the report cited by the aforementioned source, the value of the confiscated bitcoin at that time was barely more than $700,000 at that time.
It is scheduled, after the sale of the bitcoin, that the sources transferred the funds and proceeds to the Finnish Ministry of Finance.
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