Finnish Customs Sells Bitcoins Confiscated: Proceeds Donated To Ukraine

Finnish Customs sold most of their seized Bitcoins. However, due to the bearish market context, the proceeds were less than expected. Had they timed the market right, Finnish authorities could have made more than double the amount.

By liquidating 1,889 BTC, Finnish Customs raised 46.5 million euros ($47.5 million). However, the value of the cryptocurrency had dropped significantly from its peak last November, when this amount of BTC was valued at nearly $130 million. For now, Customs is still withholding 90 BTC and an undisclosed amount of other cryptocurrencies.

Above is the amount of Bitcoin seized from drug raids and court rulings that the state has legally confiscated. Most of this cryptocurrency was confiscated before 2018.

For example, much of the Bitcoin seized is believed to have come from a raid by Finnish drug lord Douppikauppa. This 2016 arrest saw authorities confiscating 1,666.6 Bitcoins.

Since then, authorities have spent time deciding what to do with them. “The main purpose of Finnish Customs is to ensure that cryptocurrencies are sold securely, preventing further money laundering and criminal activities,” the authorities said in a statement.

Last July, Customs launched a tender touting brokers who could reliably exchange digital assets into fiat currency. The regulator finally selected two suitable brokers in April of this year.

After deliberation, Finnish Finance Minister Annika Saarikko tweeted that the country would donate “tens of millions” of euros earned through selling seized Bitcoins to Ukraine, a country under Russian invasion.

According to a spokesman of Customs, this is still the purpose of using the fund.

“As far as Finnish Customs is aware the sales revenue in total is going to be donated to Ukraine and the donation has already been approved by the Finnish Parliament within the second supplementary budget this summer.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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