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Lithuania Makes Millions in First Sale of Seized Cryptocurrency
The sale of bitcoin, ether and monero brought in €6.4 million, or $7.5 million.
The tax department in Lithuania has sold off confiscated cryptocurrencies for the first time, bringing in €6.4 million, or $7.5 million.
STORY CONTINUES BELOW
- As reported by local news source Delfi on Tuesday, the State Tax Inspectorate took a day to exchange quantities of bitcoin, ether and monero.
- "The whole process for the tax administrator was new, starting with taking over the confiscated cryptocurrency and ending with its implementation," said Irina Gavrilova, a representative of the tax department.
- The Tax Inspectorate gained possession of the digital assets in February, according to the report.
- No details were provided on why the cryptocurrencies were seized.
See also: US Seized More Than $1B in Silk Road–Linked Bitcoins, Seeks Forfeiture
Daniel Palmer
Previously one of CoinDesk's longest-tenured contributors, and now one of our news editors, Daniel has authored over 750 stories for the site. When not writing or editing, he likes to make ceramics.
Daniel holds small amounts of BTC and ETH (See: Editorial Policy).
