Lithuanian Tax Office Sells Confiscated Bitcoin Worth 6.4 Million Euro

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The State Tax Inspectorate of Lithuania sold at auction the seized cryptocurrency for the very first time. The confiscated cryptos, including Bitcoin Ethereum and Monero, seemed to be worth EUR 6.4 million.

For the first time of its operation, the State Tax Inspectorate (STI) of Lithuania has marketed the seized digital currencies in the amount of EUR 6.4 million. This article has been first published in the local newspaper Delfi in regard to the agency.

Lithuania sold at auction stolen bitcoin 

The properties has seized include Bitcoin, Ethereum and Monero. The money being earned from their selling have been submitted to the government budget. It took approximately a day to swap digital currencies for euros, the tax office did state to the public.

A member of the State Tax Inspectorate, Irina Gavrilova, gave some details about the issue, “The whole process for the tax administrator was new, starting with the taking over of the confiscated cryptocurrency and ending with its implementation,”

As in February 2020, the U.S. Marshals Service has sold at auction over 4,000 BTCs in bigger lots, up to 2,500 BTCs. Although different nations are opting to sell off their stolen bitcoin, Finland has recorded restrictions on BTC $16.2 million have not been dumped into an auction for fears that it could end up in possession of a criminal for one more time.

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