Swedish Authorities Owe $1.5 Million In Bitcoin To Convicted Drug Dealers

One of the reasons why those that partake in illegal activities adopt using bitcoin is considering information technology makes information technology harder for regime to detect. This is considering regular money is issued by governments. They are too placed in banks which have systems to detect suspicious or illegal activity, so bitcoin is usually the best style to go nearly doing business organization.

That was what a trio of drug dealers in Sweden were doing, although in 2019, they were eventually defenseless and sentenced to jail. As a result, Swedish government seized 36 bitcoin that the drug dealers had made from their sales, but instead of logging the bitcoin every bit bitcoin, the prosecutor converted information technology into kronor. At that time, i bitcoin was worth around xl,000 kronor ($four,600), which meant that the total corporeality was valued at one.three one thousand thousand kronor ($149,000).

The government then tried to auction off the bitcoin, but because it had taken them about two years to go to that signal, the value of bitcoin rose to where one bitcoin was now worth around half a million kronor ($50,000). This meant that the authorities now owed these convicted drug dealers around $1.v million in unsold funds, which is no uncertainty quite an embarrassing situation for them to exist in.

Swedish government accept since admitted that this was apparently the commencement time that prosecutors had secured gain of a criminal offense in cryptocurrency, then there wasn't any proper guidance on how to arroyo it. However, we imagine that this is an expensive lesson that they volition be applying to time to come cases.

Filed in . Read more than about Bitcoin, Cryptocurrency and Legal. Source: appleinsider