RATE Group | Finnish Customs Puzzled on what to do with 15M Euro Seized in Bitcoin
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Finnish Customs Puzzled on what to do with 15M Euro Seized in Bitcoin

25 Feb Finnish Customs Puzzled on what to do with 15M Euro Seized in Bitcoin

Posted at 18:56h in Bitcoin News by

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While some governments are selling bitcoins (BTC) confiscated through law enforcement actions, Finland is yet to decide what to do with its seized BTC.

Finnish Customs, operating under the Ministry of Finance, has reportedly been deliberating about what to do with 1,666 bitcoins seized from drug criminals years ago.

As reported by Finland’s national public broadcasting firm on Feb. 25, the Finnish Customs service doesn’t want to auction the confiscated Bitcoin because the cryptocurrency could be returned to the hands of criminals.

Seized bitcoins surge almost 2,000% since confiscation

According to the report, at the time of the seizure the amount of confiscated Bitcoin was worth less than 700,000 euros, or roughly $760,000. As of press time, 1,666 BTC is worth nearly 15 million euros — or more than $15.5 million, according to data from Coin360. The authority was reportedly initially planning to auction the funds back in 2018, but eventually ended up with hodling the crypto, citing…

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