Finland Seeks a Broker to Sell Seized Bitcoin Worth $83 Million
The Finnish government is looking for a cryptocurrency broker who can sell 1,666 bitcoins worth approximately $83 million at current dollar value. The coins were seized by law enforcement during narcotics operation. Candidates can register until 30 August 2021.
Finnish Customs yesterday released a tendering competition in order to procure services related to the brokerage of cryptocurrencies. The cryptocurrency brokerage service means execution on behalf of a customer of a sale or purchase of cryptocurrencies on a cryptocurrency platform or market place, or as an OTC transaction.
Finland wants to find a reputable broker who can safely and reliably carry out the sale of 1,981 bitcoins.
The cryptocurrency assets have been seized by Finnish Customs during the course of its activities, and the assets are subject to binding court orders prior to being sold. In order to sell the assets with the help of a professional broker, Finnish Customs is hereby requesting possible suitable suppliers of cryptocurrency brokerage services to send their request for participation through the link above.
The estimated total value of the service during the full term of the agreement is EUR 250,000 (VAT excluded), but as there may be more cryptocurrency seizures and as the value of the
Most of the customs agency’s cryptocurrency collection dates from 2016, when law enforcement seized 1,666 in a major drug bust. Back then, the value didn’t even amount to a couple hundred thousand. Fast forward five years and suddenly, the hoard is worth millions.
Finland made plans to sell the drug-linked bitcoin before, in 2018. However, officials then decided against it. They said that the virtual money would simply re-enter the drug trade or end up in the hands of cybercriminals. Later that year, the Finnish government drew up guidelines regarding cryptocurrencies and released a Government Proposal to regulate cryptocurrency providers.
The 1,981 bitcoins were transferred to the state by the court. The aim of Finnish customs is to find a permanent mechanism to sell cryptocurrencies forfeited to the State, now and in the future.
The US was the first country to put confiscated bitcoins up for sale, in 2014. The US Marshals Service auctioned off 29,656 forfeited bitcoins. This hoard was part of 144,000 bitcoins law enforcement seized in an earlier raid on Silk Road. The auction drew more than 40 bidders. At the time, 30,000 bitcoins were worth about $18 million, compared to 2,000 worth over $80 million today.
