Lithuanian Tax Office Auctions Seized Cryptocurrency Worth 6.4 Million Euros


State Tax Inspectorate of Lithuania has auctioned the confiscated cryptocurrency for the first time. The seized cryptos which include Bitcoin Ethereum and Monero were worth 6.4 million euros.

November 24, 2020 | AtoZ Markets – For the first time, the State Tax Inspectorate (STI) of Lithuania has sold the confiscated cryptocurrency worth 6.4 million euros. This report appeared first on the local newspaper Delfi with reference to the department. 

Lithuania auctioned confiscated cryptocurrency

The confiscated assets include Bitcoin, Ethereum and Monero. The funds received from their sale were sent to the state budget. The exchange of cryptocurrencies for euros took almost a day, the tax office said.

“The whole process for the tax administrator was new, starting with the taking over of the confiscated cryptocurrency and ending with its implementation,” said Irina Gavrilova, a representative of the State Tax Inspectorate.

Recall that in February, the U.S. Marshals Service auctioned off over 4,000 BTC with larger lots, of up to 2,500 BTC. While various governments choose to auction off their seized cryptocurrency, as reported Finland controls over $16.2 million worth of BTC it hasn’t offloaded via an auction over concerns it may end up in criminals’ hands again.

Read also: Belgian Government Will Auction $125,000 in Bitcoin This Month

In October, it became known that in Romania, bitcoins and Ethereum, confiscated as part of a fraud case, will be put up for auction.

In November, analyst firm Chainalysis announced it was launching a program to help government agencies store and sell confiscated cryptocurrency.

Do you believe that participating in the Lithuania crypto auction is a smart move for investors? Let us know in the comments below!

    Share Your Opinion, Write a Comment