Finland Sells 1,889 Seized Bitcoin for $47 Million – Proceeds Go to Ukraine Cryptocurrency

Finland sold 1,889 bitcoins seized in narcotics cases for 46.5 million euros ($47.4 million). The country’s finance minister has previously said proceeds from bitcoin sales will go to Ukraine for humanitarian aid and reconstruction as its war with Russia continues.

Finland Sells Bitcoin Seized in Narcotics Offenses

Finnish Customs (aka Tulli), the Finnish government’s customs service, announced on Thursday that it sold “legally confiscated” bitcoin.

“Over the summer, Finnish customs realized that their cryptocurrencies had been legally confiscated for the benefit of the state,” the announcement details, stating:

The achievement was for 1,889.1 bitcoins. The state earned approximately €46.5 million in total from the proceeds of their sale.

The customs service explained that the bitcoins had been seized “in the context of investigations into offenses related to narcotics and doping substances”.

The coins “were sold by the two Customs-selected cryptocurrency brokers in a competitive negotiated procedure in late spring,” the announcement continues.

Finnish customs further revealed that around 90 bitcoins were still in his possession “awaiting a valid confiscation judgment”. As of this writing, bitcoin is trading at $22,874, down 10% in the last seven days but up 14.4% in the last 30 days.

Tulli added that he also seized other cryptocurrencies. However, as the investigation into these cases is ongoing, “the currencies or their amounts cannot be revealed in detail”, explained Finnish customs, adding that they are worth “hundreds of thousands of euros at most”. .

Tulli’s chief financial officer, Pekka Pylkkänen, told Finnish news agency STT that most of the bitcoins seized and sold this summer (1,666 BTC) were confiscated in 2016 after the arrest of Finnish drug trafficker Douppikauppa. In 2017, the Turku Court of Appeal sentenced the drug trafficker to several years in prison.

Finnish Finance Minister Annika Saarikko said in May that proceeds from the sale of seized bitcoins would be used to benefit Ukraine, which is at war with Russia. She noted that the money was to be used for humanitarian aid and reconstruction.

Pylkkänen told the outlet that the state had already received the proceeds from the bitcoin sale, noting, “Apparently it’s going to Ukraine.”

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What do you think about Finnish customs selling seized bitcoins and sending the proceeds to Ukraine? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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