Despite the bitcoin fall, Finland sells off its stash of confiscated Bitcoins

Finland has sold its stash of seized Bitcoins, collecting less money than expected, just as the cryptocurrency market is slowing down.

The Customs reported in an emailed statement on Thursday that it sold 1,889.1 Bitcoins over the course of the summer through two brokers, raising 46.5 million euros ($47.5 million). The coins had been taken during narcotics busts, and after court decisions, they had been legally forfeited to the state.

At the height of the cryptocurrency surge last year, the stake was worth about $130 million, but Finland made no attempt to timing the market with its sale. Before 2018, police seized the majority of the virtual money during raids, and they have taken their time deciding what to do with it.

The Customs issued a tender in July 2021 to brokers looking to assist in converting digital assets into fiat cash, and two firms were ultimately chosen in April to carry out the transaction.

While the US government was the first to auction off Bitcoins that had been seized in a criminal probe in 2014, other nations have progressively followed suit.

In addition to an undetermined number of other cryptocurrencies, Finnish Customs continues to hold 90 Bitcoins that are pending a court decision for forfeiture.

Readers like you help support The Tech Outlook. When you make a purchase using links on our site, we may earn an affiliate commission. We cannot guarantee the Product information shown is 100% accurate and we advise you to check the product listing on the original manufacturer website. Thetechoutlook is not responsible for price changes carried out by retailers. The discounted price or deal mentioned in this item was available at the time of writing and may be subject to time restrictions and/or limited unit availability. Amazon and the Amazon logo are trademarks of, Inc. or its affiliates Read More

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

function init() { var vidDefer = document.getElementsByTagName('iframe'); for (var i=0; i