Finland Sells 1,889 Seized Bitcoins for $47 Million — Proceeds Going to Ukraine

Finland Sells 1,889 Seized Bitcoins for $47 Million — Proceeds Going to Ukraine

Finland has sold 1,889 bitcoins seized in narcotic cases for 46.5 million euros ($47.4 million). The country’s finance minister previously said that the bitcoin sale proceeds will go to Ukraine for humanitarian aid and reconstruction as its war with Russia continues. Finland Sells Bitcoin Seized From Narcotic Offenses

Finnish Customs (aka Tulli), the customs service of the government of Finland, announced Thursday that it has sold “legally forfeited” bitcoins.

“During the summer, Finnish Customs has realized its cryptocurrencies that had been legally forfeited to the state,” the announcement details, elaborating: The realization concerned 1,889.1 bitcoins. The state gained about 46.5 million euros in total in proceeds from their sale.

The customs service explained that the bitcoins were seized “in connection with investigations into offenses related to narcotics and doping substances.”

The coins “were sold by the two cryptocurrency brokers selected by Customs through competitive negotiated procedure in late spring,” the announcement continues.

Finnish Customs further revealed that about 90 bitcoins still remained in its possession “awaiting a valid judgment of forfeiture.” At the time of writing, bitcoin is trading at $22,874, down 10% over the last seven days but up 14.4% in the past 30 days.

Tulli added that it has also seized other cryptocurrencies. However, since the investigation into these cases is ongoing, “the currencies or their amounts cannot be revealed in detail,” Finnish Customs explained, adding they are worth “hundreds of thousands of euros at most.”

Tulli Finance Director Pekka Pylkkänen told Finnish news agency STT that most of the bitcoin seized and sold in the summer (1,666 BTC) were confiscated in 2016 after the arrest of Finnish drug dealer Douppikauppa. In 2017, the Turku Court of Appeal sentenced the drug dealer to several years in prison.

Finnish Finance Minister Annika Saarikko said in May that the proceeds from the sale of seized bitcoin will be used for the benefit of Ukraine, which is at war with Russia. She noted that the money is to be used for humanitarian aid and reconstruction.

Pylkkänen told the news outlet that the state has already received the proceeds from the bitcoin sale, noting: “Apparently it is going to Ukraine.” Tags in this story finland, finland bitcoin, finland crypto, Finnish Customs, Finnish Customs bitcoin, Finnish Customs crypto, Finnish Customs cryptocurrency, Finnish Customs ukraine, Seized bitcoin, sell seized bitcoin, Tulli, Tulli bitcoin, Tulli crypto, Ukraine

What do you think about Finnish Customs selling seized bitcoin and sending the proceeds to Ukraine? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Ukraine’s New Fiat Restrictions to Boost Popularity of Crypto, Industry Says REGULATION | 2 hours ago Coinbase Disputes SEC"s Allegation That the Exchange Lists 9 Crypto Securities REGULATION | 7 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinbase Disputes SEC’s Allegation That the Exchange Lists 9 Crypto Securities Next articleFTX to Help Voyager Customers, CEO Says Firm Willing to Deploy ‘Hundreds of Millions’ to Help Crypto Industry Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether