Finnish Authorities Facing Dilemmas on How to Liquidate Seized Bitcoins

News / 01.03.2020

Finnish authorities have been on an endless spree of seizing Bitcoins obtained from illegal activities valued at millions. Unfortunately for their cause, they have no idea how to liquidate them.

More on the BTC Probe

The confiscation of such Bitcoins prompted a debate on the best way to ensure the crypto gets liquidated. Local reports state that the Finnish Customs Service have their hands on a total of 1,666 Bitcoins.

The agency managed to seize the cryptos from drug deals that happened a couple of years back. However, the precise dates when the agency confiscated the Bitcoins are not known.

Finnish authorities have ultimately faced the idea of auctioning the seized cryptocurrency out. They made the decision based on the probability of the Bitcoins returning to the public market, where criminals could have the luxury of transacting with them again.

They backed their reason by saying it is a no brainer that funds from the Bitcoins liquidation would fall into criminal hands. The agency further explained how it might occur, as they mentioned that real estate and vehicles could get used by criminals to acquire the assets.

Nations like the United States and some in Europe commonly hold auctions for cryptocurrencies seized from criminals. The United States Marshal’s Office is an advocate of converting digital currency to fiat, judging from the frequent auction sessions.

In late 2019, the United Kingdom police auctioned off cryptocurrencies valued at 240,000 Euros. The police confiscated the cryptocurrencies from the teenage cybercriminal Eliott Gunton.

A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.