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Sweden's Government Forced to Return $1.5M in Bitcoin to Drug Dealer: Report
That's the difference in value since the time of the dealer's prosecution while he was in jail.
The Swedish government has been forced to return over $1.5 million in bitcoin to a drug dealer after its value surged while he was in custody.
STORY CONTINUES BELOW
- Authorities in Sweden seized 36 BTC from the drug dealer, worth just under $150,000 at the time of his prosecution two years ago, according to a report Friday by U.K. newspaper The Telegraph.
- By the time the Swedish Enforcement Authority came to auction off the bitcoin, its value had appreciated to the extent that only three needed to be sold for the original value to be recouped.
- The authority must now return the remaining 33 bitcoin to the drug dealer, which prosecutor Tove Kullberg has described as "unfortunate."
- "The lesson to be learned from this is to keep the value in bitcoin, that the profit from the crime should be 36 bitcoin, regardless of what value bitcoin has at the time," Kullberg said.
Read more: US Government to Auction Off Seized Litecoin Alongside Bitcoin
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
