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    Wednesday, August 25, 2021

    Sweden Forced to Return $1.5 Million in Bitcoin to Drug Dealer

    Authorities are being forced to pay the man 33 BTC, around $1.5 million, after his illegally obtained bitcoin appreciated while behind bars.

    A Swedish prison is being awarded around $1.5 million Bitcoin by the same government who arrested and locked him up.

    According to The Telegraph, the jailed supplier has locked up two years ago after being convicted for selling drugs online and illegally amassing 36 BTC via those sales.

    Luckily for him, the prosecutor of the case, Tove Kullberg, used the fiat value of the coin to make her initial case. Ergo, the court judged that the man’s crypto is seized because it was earned illegally, which was worth $100,000 at the time.

    However, in the two years since the original conviction, the price of bitcoin has skyrocketed and the dealer’s crypto stash had appreciated to more than $1.5 million. The problem for them is that just 3 BTC was needed to satisfy the court’s original settlement of $100,000 based on the same 36 bitcoins.

    That leaves 33 BTC left from the criminal’s wallet that Sweden must now return. Had they sold the 36 coins at the time of incarceration, they would have avoided this problem completely.

    This story was seen first on BeInCrypto Join our Telegram Group and get trading signals, a free trading course and more stories like this on BeInCrypto.

    Kullberg said, “The lesson to be learned from this is to keep the value in Bitcoin, that the profit from the crime should be 36 Bitcoin, regardless of what value the Bitcoin has at the time.”

    She also suggested taking steps to invest in “internal education” in the prosecution authority. This would ensure better undertaking of legal proceedings as cases related to cryptocurrency might increase in the future. Kullberg said, "The more we increase the level of knowledge within the organisation, the fewer mistakes we will make."

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