The proceeds will be donated to Ukraine as approved by Finland's parliament.
Finnish customs have reportedly 1,889.1 BTC with the help of two brokers, gaining over 46.5 million euros ., the customs seized the funds during drug busts and had been legally forfeited to the state following court rulings. The bulk of the digital assets in various criminal investigations was confiscated in raids before 2018. Last year’s bull run catapulted the stash’s worth to $130 million. However, failing to time the market right cost the authorities a significant fortune.
The government said it was willing to donate as much as $77 million worth of Bitcoin to war-torn Ukraine. Despite a mixed reaction from the community members across the globe, the donation was approved by the Finnish Parliament within the second supplementary budget this summer.“Of course, no universal money is earmarked that way. But here, as if mentally, this money from bitcoins is earmarked so that it can be used to support Ukraine.
Currently, there are about 90 BTC still in Customs’ possession, awaiting a valid judgment of forfeiture.There are no set rules regarding the confiscated Bitcoin, but several countries have sold off such funds. A lot of institutions in the United States, for one, like the Internal Revenue Service, the Bureau of Alcohol, Tobacco, and Firearms, the Post Office, the FBI, etc., have been confiscating cryptocurrencies for years. These assets are usually sold in public auctions conducted by the US Marshals Service, a law enforcement agency within the Department of Justice .seizing and forfeiting nearly $500,000 from North Korean ransomware entities and their conspirators.
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