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Finland officials confused over what to do with confiscated crypto

Finland authorities have confiscated over millions of worth of bitcoins over the years, but they can't figure out how to liqu
Finland authorities have confiscated over millions of worth of bitcoins over the years, but they can’t figure out how to liquidate them.

Cryptocurrencies were seized from illicit activities years ago, and the government is debating over the best way to liquidate the proceeds. According to local reports, the Finnish Customs Service has 1,666 BTC in their possession that it confiscated from drug dealers several years ago. The reports did not specify when the seizures occurred.

Finland authorities confused over liquidating confiscated crypto.

The reason why Finland authorities do not want to auction off confiscated cryptocurrency is that they are worried that liquidating the assets would put them back onto the crypto market, where criminals could once again use them. The reason is quite absurd as liquidating any asset would “potentially” put funds in the hands of criminals, be it real estates, vehicles, or any other thing.

Several countries have auctioned off confiscated crypto.

Several countries, including the USA and several European countries, have engaged in auctioning of confiscated cryptocurrencies seized from criminals. The US Marshal’s Office has created an almost regular practice out of it and has regularly held auctions to convert digital currency to fiat. In October last year, UK police auctioned off worth 240,000 euros in cryptocurrencies that it seized from the teenage cybercriminal Eliott Gunton.

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