Finland is looking for brokers to sell $79M Bitcoin seized from the illegal drug market

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Finland’s Customs Authority has stated that it seeks brokers to sell 1,981 Bitcoins confiscated from illicit drug dealer networks to convert them to fiat money. The Bitcoins in question are now held by Finnish Customs and are valued at around $79 million at the time of writing.

Pekka Pylkkanen, the director of finances at the Finnish Customs government agency, discussed the development and stated that Finland’s customs authority is looking to sell Bitcoins through a broker, claiming that a broker will be trustworthy secure the sale of the crypto assets.

According to the story, Finland’s customs office is looking for three brokers to sign a two-year deal paying €250,000 ($297,000). The penalties may grow to €2 million if the government agency seizes more Bitcoins and other cryptocurrencies. The unpredictable nature of cryptocurrency pricing is taken into account in this range.

Following the arrest of Finnish drug dealer Douppikauppa in 2016, the customs agency confiscated the bulk of the recovered Bitcoins (1,666 out of 1,981).

During that period, the government informed authorities that they were not permitted to store the currencies on cryptocurrency exchanges and avoid using digital platforms.

The Bitcoins were worth around $860,000 when seized, but they are now worth more than $79 million.

The customs authorities considered auctioning Bitcoins in 2018 but decided against it due to worries that the digital assets might wind up in the hands of criminals.

Given the current price of Bitcoin, Finland’s customs department intends to sell the confiscated coins as quickly as feasible in the coming months.

Direct Cryptocurrency Seizures and Sales

Multiple countries have sold crypto-assets acquired during criminal investigations in recent years, with the United States taking the lead in 2020.

The US Department of Justice confiscated almost $1 billion in Bitcoin-related to the Silk Road website’s illicit marketplace in November 2020.

70,000 Bitcoins were transferred from an account related to the illegal marketplace by the Justice Department during that period. Silk Road was an online criminal market where you could buy and sell everything from narcotics to hired killers and stolen credit cards.

In 2013, the US authorities shut down the illicit internet market in the country. But, on the other hand, the sum stated above was the Department of Justice’s largest Bitcoin seizure to date.

In March 2021, the French government auctioned off €28 million Bitcoins stolen by hackers in 2019.

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