South Korean Authorities Sold Confiscated Bitcoins

A Bitcoin haul confiscated from a criminal in 2017 stored for four years until the South Korean Government decided to sell the coins. They earned $10,5 millions. It’s the first case of selling confiscated cryptocurrency so far.

The cash went to the national treasury of the country. When this stash of Bitcoins were confiscated it cost about $238 but the rate increased over time significantly. Coins were stored patiently waiting for South Korea to figure out proper regulation of cryptocurrencies.

Now South Korea works on regulation of digital assets and tries to control it better by demanding reports and real data about traders from the crypto exchanges. This is how they attempt to act against money laundering and tax evasion from the users of digital assets. However, 20% fee for trading can’t be called crypto friendly.

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