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Swedish government reimburses a drug dealer $1.5M in Bitcoin

It is said that being a criminal does not pay, but this may not always be the case, especially if your crime involves a lucrative investing tool. After his lawyer utilized the fiat value of bitcoin to make her initial case, a Swedish drug dealer is going to be rewarded $1.5 million in bitcoin.

This is due to the fact that the bitcoin the prisoner acquired through illegal online purchases skyrocketed in value while he was in captivity. Tove Kullberg, a prosecutor, estimated his original cryptocurrency stockpile to be worth 1.3 million Swedish kronor ($150,000).

While in prison, the drug supplier had possessed 36 bitcoins, which had risen tenfold in value. Consequently, three of them had to be paid by the Swedish Enforcement Authority. Despite the fact that they were obtained through advertisements, the remaining 33 bitcoins (worth approximately $1.5 million) must now be returned to the prisoner.

“The lesson to be learned from this is to retain the value in bitcoin,” Kullberg told The Telegraph. “The benefit from the crime should be 36 bitcoin, regardless of the value of bitcoin at the moment.”

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During his stay in detention, the drug supplier possessed 36 bitcoins, which had increased in value tenfold. This meant that the Swedish Enforcement Authority only had to pay his ransom and obligation with three of them. The rest (33 bitcoins, worth around $1.5 million) must now be returned to the prisoner, notwithstanding the fact that they were obtained through the promotion of medicine.

She went on to say that the case was one of the first in Swedish legal history in which bitcoin was seized and recommended and that the country should engage in internal education in the [prosecution] authority, as cryptocurrency will undoubtedly appear in more cases.

El Salvador’s President, Nayib Bukele, made history in June when he declared Bitcoin to be a legal tender, making El Salvador the first country in the world to do so. Paraguay has also paved the way for bitcoin adoption.

Image Source: Yahoo Finance

“The more information we have within the organization, the fewer mistakes we will make,” Kullberg continued. The instance is unique in that it has never been seen before. Nonetheless, it appears like the Swedish Enforcement Authority could amend the law to allow drug dealers to keep all of their profits and put them to good use in the community. Overall, it’s been a fascinating case to watch for anyone interested in law and/or cryptocurrency.

There is no precedent for this case, hence it is unique. Nonetheless, it appears that the Swedish Enforcement Authority may amend the rule and retain all of the drug supplier’s earnings in order to put the money to good use in the community. Overall, for anyone interested in regulation and/or cryptocurrency, this has been a fascinating case to follow.

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Also read: Alibaba opens its crypto market: China begins to take crypto seriously

 

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