Lithuanian authorities allegedly sold a batch of cryptocurrencies that were confiscated by local police.

The government tax office, or STI, sold the country’s tax authority, 6.4 million euros ($ 7.6 million) in crypto assets and then added money to the state budget.

According to the official announcement on November 24, seized cryptocurrencies included the main cryptocurrencies: Bitcoin (BTC) and Ether (ETH), as well as altcoin Monero (XMR) that focus on privacy.

STI announced this is the first time the agency has sold confiscated cryptocurrency for fiat. “It took almost a day to convert the cryptocurrencies into euros,” the ministry said.

“The whole process was new for the tax director, from confiscating the confiscated cryptocurrency to selling it,” said Irina Gavrilova, NTI Director. She said it would be easier for the agency to sell seized cryptocurrencies in the future.

According to the announcement, STI acquired the confiscated funds at the end of February 2020. The authorities did not specify exactly how STI sold the confiscated assets, but indicated that the exchange process required STI to create a crypto wallet in order to receive the cryptocurrency from the police authorities. …

Source: CoinTelegraph

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