This Is How Finland Has Sold €46.5m of Bitcoin That Was Seized by Police

This Is How Finland has sold €46.5m of Bitcoin that was seized by police. Finnish Customs released the news on Thursday, 21 July 2022. The community has been curious about the information as they speculated about the origin of the seized Bitcoin.

Background of the Sold Bitcoin

This Bitcoin came from illegal activities that happened before 2018. Some came from narcotics raids and had transferred to the court. There were no updates on how to deal with it for years. Tulli stated, Customs has seized bitcoins in connection with investigations into offences related to narcotics and doping substances.”

The Selling Process

Tulli, the Finish Customs agency, launched a tender for brokers interested in selling the seized Bitcoin on behalf of the country in July 2021. However, it was not until April 2022 that they finally saw progress. During that time, two companies have chosen to carry out the sale. Some other cryptocurrencies are waiting for court decisions. Ninety Bitcoins are still on-hold for this process. 

This week, they announced a total number of €46.5 million from the sales. In addition to the news, the country will donate that Bitcoin to Ukraine after what happened with Russia. The donation plan has received approval from the Finnish government.

Finland is not the only country that has sold Bitcoin seized from illegal activities. In March 2021, French authorities auctioned 611 Bitcoins from hacking activity. The US Marshals Service also has sold millions of seized Bitcoin through auctions. It is not rare for a country to sell Bitcoin that came from illegal activities.

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