Lithuania obtains $ 7.6 million thanks to confiscated cryptos

Lithuania recently sold seized cryptos for $ 7.6 million.

The country’s tax authorities said the tokens were confiscated by law enforcement earlier in the year.

Government agencies around the world sell crypto recovered from criminals.

The Lithuanian government earned 6.4 million euros (~ $ 7.6 million) from the sale of bitcoin (BTC) and other crypto tokens seized by law enforcement authorities.

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

Lithuania STI Raises $ 7.6 Million Through Crypto Sales

In an official announcement released on November 24, Lithuania’s National Tax Inspectorate (STI) revealed that it had recently sold $ 7.6 million worth of cryptos. According to the circular, the cryptos involved in the sale were bitcoin, ethereum (ETH) and privacy monero (XMR).

As part of that statement, the STI revealed that the cryptos sold were confiscated by law enforcement in February. As previously reported by BeInCrypto, Lithuanian authorities are monitoring crypto transactions in the country as part of anti-money laundering efforts.

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

„The whole process was new for the tax administrator, from taking control of the confiscated cryptocurrencies to their completion.“

To prepare for the sale, STI reportedly created a crypto wallet. For Irina Gavrilova, director of STI’s non-payments administration department, the lessons learned from the process will also help the tax administration to quickly dispose of seized cryptocurrencies in the future.

Timing is everything

With the coins seized in February, the decision to proceed with the sale in November earned the Lithuanian government a higher value. Bitcoin, ethereum, and monero are currently worth much more than they were at the start of the year, with the crypto market experiencing significant bullish momentum.

Indeed, the US government missed a potential windfall of $ 1.65 billion by selling cryptos seized too early. Companies such as Chainalysis, the blockchain intelligence firm, now offer cryptocurrency asset realization services to help authorities manage and liquidate seized cryptos.