- Sweden is obliged to return Bitcoin worth about 20 million rand to drug dealers telegraph.
- The unusual turn of events was caused by Bitcoin’s price fluctuations.
- Two years ago, 36 bitcoins were confiscated. Since then, their value is equivalent to three bitcoins today.
- More stories, Go to www.BusinessInsider.co.za.
The Swedish government is obliged to return Bitcoin worth about 20 million rand to a drug dealer because the value of digital assets has appreciated during his detention. telegraph.
The unusual turn of events was caused by the price fluctuations of the world’s largest cryptocurrency.
Two years ago, when Swedish law enforcement agencies seized 36 bitcoins from drug dealers, the cumulative value of these coins was approximately $136,000. telegraphThis brings the price of each bitcoin to approximately $3,700 per item.
At that time, prosecutor Tove Kullberg successfully argued in court that drug dealers should be deprived of the illegally earned Bitcoin. However, Kulberg used currency equivalents to illustrate her situation at the time, and did not anticipate the rate of increase in the value of Bitcoin.
As of August 20, the transaction price of Bitcoin was approximately US$48,978 per coin. The asset has soared 66% so far this year and 313% in the past 12 months. The value of 36 bitcoins of dealers two years ago is now only equivalent to three bitcoins.
When the dealer is released, Telegraph According to reports, the authorities will auction all 36 coins, but Culberg’s arguments during the prosecution meant that the state confiscated only three coins worth.
According to the prosecution, the government had to return 33 bitcoins—about 20 million rand as of the time of publication—despite fully understanding the illegal nature of the source of funds.
Kulberg expressed regret about the result, telling Swedish radio that it was “unfortunate in many ways.”
“The lesson learned is to maintain the value of Bitcoin. The profit of the crime should be 36 Bitcoins, regardless of the value of Bitcoin at the time,” Kulberg said. “This led to consequences that I could not foresee at the time.”
The prosecutor did add that the case was the first in the country’s legal history involving the seizure of cryptocurrencies, so the previous decision did not set any legal precedent.
“I think we should invest in internal education [prosecution] Authority, because cryptocurrency will be a factor that we will deal with to a greater extent,” she told Radio Sweden. “The more we improve the level of knowledge within the organization, the fewer mistakes we make. “
Crimes involving cryptocurrency have increasingly attracted the attention of regulators and companies.Recently, the Bank for International Settlements Criticize digital assets Because of its role in illegal activities.
