Lithuania Scores $7.6M From Confiscated Crypto Tokens

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In Brief
  • Lithuania recently sold seized cryptos for $7.6 million.

  • The country's tax authority say the tokens were confiscated by law enforcement earlier in the year.

  • Government agencies across the world are selling cryptos recovered from criminals.

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Lithuania’s government has realized €6.4 million (~$7.6 million) from the sale of bitcoin (BTC) and other crypto tokens seized by law enforcement authorities.

State agencies continue to auction off confiscated cryptocurrencies obtained from sundry law enforcement actions against criminal organizations.

Lithuania STI Raises $7.6M from Crypto Sales

In an official announcement issued on Nov. 24, Lithuania’s State Tax Inspectorate (STI) revealed that it recently sold $7.6 million worth of crypto tokens. According to the circular, cryptos involved in the sale were bitcoin, ether (ETH), and privacy coin monero (XMR).

As part of the statement, the STI revealed that the sold cryptos were confiscated by law enforcement officials back in February. As previously reported by BeInCrypto, Lithuanian authorities monitor crypto transactions in the country as part of efforts to combat money laundering.

The STI did not, however, provide details as to the exact source of the seized cryptocurrencies. Commenting on the sale, the STI remarked:

“The whole process was new for the tax administrator, from the takeover of the confiscated cryptocurrencies to their realization.”

To prepare for the sale, the STI reportedly created a crypto wallet. For Irina Gavrilova, the director of the STI’s Non-Payment Administration Department, the lessons learned from the process will also aid the tax body in quickly disposing of seized cryptocurrencies in the future.

Timing is Everything

With the tokens seized back in February, the decision to carry out the sale in November fetched a higher value for the Lithuanian government. Bitcoin, ether, and monero are currently worth a great deal more now than they were at the start of the year with the crypto market experiencing significant bullish momentum.

Indeed, the US government missed out on a potential $1.65 billion boon by selling seized cryptos too early. Companies like blockchain intelligence outfit Chainalysis are now offering cryptocurrency asset realization services to aid authorities in managing and liquidating seized cryptos.

Seized cryptos usually come from raids against darknet narcotics vendors as law enforcement agencies attempt to combat illegal drug trafficking. In October, Dutch authorities also confiscated about 2,500 BTC from a couple accused of money laundering on dark web platforms.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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