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Finnish Customs service to sell its massive bitcoin pile

Written by Petteri Pyyny @ 07 Jan 2021 6:08

Finnish Customs service to sell its massive bitcoin pile

Over the years, Finnish Customs service has gathered a huge pile of cryptocurrencies that have been seized from criminals and smugglers.
Customs service has kept all the bitcoins in their possession as they are, but now the organization plans to sell them and convert them into more traditional euros. The current value of seized bitcoins is now around 60 million euros (appx. $74M).

Most of the bitcoins in customs possession have been seized back in 2016 with a so-called Douppikauppa (literally "dope store") case where customs raideda an illegal drug-selling site that operated in dark web. Originally the bitcoins seized were worth appx 700 000 euros, but now the value has risen to more than 50 million euros, as the bitcoin's value has risen dramatically over the past five years.

After the sale, customs will transfer the money to Finnish government. Customs has been criticized for holding on to its bitcoins, but for taxpayers, the holding on to the bitcoins has been extremely wise move.

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