2k Confiscated BTC Created Issue for Finland Authorities

Authorities of Finland had faced bureaucratic problems while trying to handle seized crypto coins
20 February 2018   669

Finland is trying to solve confiscated Bitcoin storing issue. This is reported by Bloomberg.

The crux of the problem is that authorities handling the coins won’t be able to store them on virtual currency exchanges due to bureaucratic problems. They have to store them offline. This is said in the documents, seen by the Bloomberg.

Most of the coins have been confiscated in raids conducted since 2016. There is no info how the coins were stored until now.

The official guidelines states that Finland authorities can’t treat Bitcoin or its crypto competitors like a currency. It’s an asset that, as a rule, can’t be used or accepted as a means of payment or as an investment, according to the Treasury document.

Cryptocurrencies seized by the Finnish state can be converted into euros after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges, which can be untrustworthy and opaque, the Treasury said.

Finnish state can convert seized crypto to euros only after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges the Treasury said.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   82

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.