Lithuania’s STI sells seized crypto assets worth $7.6 million

Lithuania’s STI, sells seized crypto assets worth $7.6 million including Bitcoin, ETH, and XMR, transferring the funds to the state budget.

By · Nov 25, 2020 . 5min read

Lithuania's STI sells seized crypto news

Lithuania’s STI (State Tax Inspectorate), recently sells $7.6 million worth of seized crypto assets. According to the reports, ether (ETH), bitcoin, and privacy coin monero (XMR) were the crypto assets that were sold. This is the first time when trading of seized crypto occurred on Lithuanian soil. However, the process was time consuming approximately a day. It assigned the funds to the state budget. 

Lithuania’s STI developed a crypto wallet to receive seized crypto from Law Enforcement agencies.

The STI spokesperson on selling seized crypto assets, states that in the future it will be much simpler to trade such confiscated tokens. However, concerning how the STI traded the seized crypto remains unclear, but, the authority noted that the exchange process needed STI to develop a crypto wallet in order to obtain crypto from law enforcement agencies. Various nations handle seized cryptocurrencies in this way. 

Earlier, in October, Romania sold seized cryptocurrencies bitcoin and ether that was part of a seizure from fraud case. Moreover, in 2017, Ernst and Young (EY) declared the auction of 24,518 BTC, seized as returns of crime by the Australian police. In the following year, Bulgaria’s law enforcement agencies squeezed and sold approximately 213,000 BTC.

Even the US government typically auctions off confiscated crypto through an auction managed by the US Marshals Service. Recently, the United States Department of Justice (DoJ) seized Bitcoin worth $1 billion. This acquisition took place with the aid of blockchain analysis firm as law enforcement agencies were capable of scrutinizing cryptocurrency wallets supporting the sale of narcotics on Silk Road. Additionally, it is a leading darknet marketplace, which law enforcement agencies shut down.

The above instances reveal that global governments are serving to trace and capture cryptocurrencies related to illegal activities. This search came to a halt after blockchain surveillance company Chainalysis launched an asset realization program. Moreover, it intends to support law enforcement and government agencies with realizing, monitoring, and filing seized crypto assets.

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