Finland is seeking for a broker to sell the seized bitcoins worth $78 million. The tokens were seized in the Finnish drug busts.
Finland is looking for a broker to sell a bitcoin stash worth $78million. These were seized in the Finnish drug busts.
As per the reports by the media publication, the country’s customs authorities have 1,981 bitcoins that were forfeited by the state under a court order. Hence, the country is looking for a broker to convert this Bitcoin into hard cash.
Most of the seized coins had been collected in raids before 2018. The Finnish State Treasury had made tips for coping with the crypto assets that year. The authorities were not allowed to store the count in exchanges and had to keep them offline.
It is noted that most of the coins were seized only after the arrest of the drug dealer Douppikauppa.
The Director of Financial Management, Finnish Customs, Pekka Pylkkanen said that the authorities wanted a permanent solution to safely and reliably sell cryptocurrencies. The Finnish customs aim to ensure the safe transactions of cryptocurrencies so that there is no money laundering and illegal activities reported.
The asset that was seized was not utilized as a form of payment or investment, and any sales should take place largely through public auctions rather than commercial exchanges. These were branded as untrustworthy and opaque by the treasury.
The customs authority is now looking forward to signing up to three brokers for a two-year agreement valued at around $297,000 and could reach as much as euro two million in the event of more seizures. The range takes into consideration the volatile price movements of the coin.
Currently, bitcoin is on a bullish run by 4.05% in the last couple of hours. In the Friday trading session, the price of the token was $42,114.0000.
In today’s session, the last reported volume stands at 37792507748,23.5% below its average volume of 49401127963.2.
Bitcoin’s current market capitalization is at 791154749319. The total supply is 21,000,000.00, the maximum supply is 21,000,000.00 and the circulating supply is 18,771,768.00.
The total twitter followers of Bitcoin is 2982211 and 3228732 Reddit subscribers. Bitcoin is a very volatile currency. Last week, the volatility of bitcoin was 3.65%, last month it was 0.61% and in the last quarter, it was 3.95% respectively.