Finland sells 1,889 bitcoins it seized in drug cases. The transaction cost 46.5 million Euros ($47.4million). The country’s finance minister previously said that the bitcoin sale proceeds will go to Ukraine for humanitarian aid and reconstruction as its war with Russia continues.
Finland seizes Bitcoin from Narcotic Offenses
Finnish Customs (aka Tulli), the customs service of the government of Finland, announced Thursday that it has sold “legally forfeited” bitcoins.
“During the summer, Finnish Customs has realized its cryptocurrencies that had been legally forfeited to the state,” the announcement details, elaborating:
This transaction resulted in 1,889.1 bitcoins. They were sold for 46.5 millions euros.
The customs service explained that the bitcoins were seized “in connection with investigations into offenses related to narcotics and doping substances.”
The coins “were sold by the two cryptocurrency brokers selected by Customs through competitive negotiated procedure in late spring,” the announcement continues.
Finnish Customs further revealed that about 90 bitcoins still remained in its possession “awaiting a valid judgment of forfeiture.” At the time of writing, bitcoin is trading at $22,874, down 10% over the last seven days but up 14.4% in the past 30 days.
Tulli also stated that the company has also taken other crypto currencies. However, since the investigation into these cases is ongoing, “the currencies or their amounts cannot be revealed in detail,” Finnish Customs explained, adding they are worth “hundreds of thousands of euros at most.”
Tulli Finance Director Pekka Pylkkänen told Finnish news agency STT that most of the bitcoin seized and sold in the summer (1,666 BTC) were confiscated in 2016 after the arrest of Finnish drug dealer Douppikauppa. The Turku Court of Appeal sentenced Douppikauppa to many years imprisonment in 2017.
Annika Saarikko, Finnish Finance Minister, stated in May that proceeds from the sale seized bitcoin would be used to benefit Ukraine. Ukraine is currently at war with Russia. It is intended to provide humanitarian assistance and aid for reconstruction, according to her.
Pylkkänen told the news outlet that the state has already received the proceeds from the bitcoin sale, noting: “Apparently it is going to Ukraine.”
How do you feel about Finnish Customs selling bitcoin seized and sending proceeds to Ukraine? Comment below.
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