After cash, crypto is one of the most widely used forms of money for illegal activities. And this is why almost all governments have seized cryptocurrency some time or the other. While the amount in the US is very high in Finland, it’s just $80 million. And now Finland is looking for brokers because it’s planning to sell all its seized Bitcoin. All these coins have been confiscated in drug busts, and there are a total of 1981 coins. Considering the appreciating prices of Bitcoin, it could be worth more than $80 million in some time.
Since the popularity of crypto has increased in 2020, the number of crimes in the space has also increased. But in this case, most of the coins were seized back in 2018 when the authorities were asked to store all the coins offline instead of the online medium at exchanges. This was done to prevent any form of hacking attacks where the crypto is lost. And even now, they want to sell all the coins safely, which is why they are looking at reliable brokers.
Why are crypto crimes prevalent?
While cash could be the most untracable form of money, it is less easy to transfer from one person to another. On the other hand, crypto can be sent anywhere globally in the blink of an eye and without leaving any form of way to trace the user. Crypto crimes are becoming more common due to the increasing popularity and uses of these currencies. It is important to note that cryptocurrencies are still easier to track as compared to cash which is why it was what we often hear about.
Crypto is also used quite a lot for money laundering purposes, since it is difficult to connect the trail of the money. If hackers or criminals are careful enough and use good mixers and other tools that sabotages even the slightest possibility of tracking, and even the authorities can’t do anything. The only way this is going to solve is through proper regulation through which the government can’t control but keep a proper eye on all crypto transactions.
What are your thoughts on Finland planning to sell its seized Bitcoin? don’t you think they should HODL at least it is $100k per coin? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Biden to enforce new crypto tax laws for his $1 trillion plan.
