Australian Federal Police Take Hold of Artillery Dealer’s Bitcoin, Flip into Major Profits

    A look at how Australia's police force, who has busted drug cartels and criminal activities using bitcoin, have flipped and sold those cryptoassets for huge profits.

    Drug cartels and other criminal activities are mostly associated with Bitcoin trading. This is to raise funds to enhance their criminal activities. In the event, however, when the police confiscate $BTC from these illegal activities, where do they go? In Australia, for instance, it’s has been disclosed that in one scenario, the police collected a 20-fold gain.

    According to the publication shared in the Australian Federal Police Yearly Report, in 2016, officials initiated legal action to capture USD 5,000. The amount is equivalent to AUD 7,300. By the time the authorities were able to net this amount, the value had rocketed AUD 154,000, which equals USD 105,000. The total amount is a 2,000% increase.

    The instance began in 2016 when the Australian officials arrested an individual believed to be in charge of three firearms in the country. The individual received payments in Bitcoin according to the AFP report. The Bitcoin was seized the moment the individual was apprehended.

    It took up to ten months to access the Bitcoin when the suspect finally agreed to sanction the coins. This came after a tense lawsuit action. During the time, the value had increased 20 times the average value.

    The amount was deposited into the Commonwealth’s Seized Assets Account according to AFP reports. The funds are returned to the community for fighting and preventing crime.

    This was the first time AFP had prevented Bitcoin as part of Criminal inspection. The move might have triggered their attentiveness in cryptocurrency.

    With that in mind, it’s not easy for other confiscated assets to appreciate in value during legal proceedings. Jewelry, vehicles, real estate, and artwork could all be stopped. Few will have their value rise as quickly as Bitcoin, but the rest until the windfall.

    Apprehending assets from criminals, especially cryptocurrency, shouldn’t always be about making money, but in this case it is. So,official's should examine the markets to ensure it has equal representation of what is primarily netted.

    In another scenario, the police in the UK sold seized Bitcoin way beyond market rates. It raised $369,000.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Ali Qamar
    Ali Qamar
    Ali Qamar is a seasoned crypto and blockchain writer and a strong believer in cryptocurrencies with real-life use cases. Ali loves to cover any topic related to TRON and has a keen interest in other cryptocurrency verticals such as Ripple, Stellar, Bitcoin and more.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitcoin’s Correlation with S&P 500 Jumps to A New High, But So Does With Gold

    Bitcoin’s correlation with both equity market and precious metal climbs to an at all-time high Bitcoin busted the myth that it can’t be...

    Former Olympic Wrestler and UFC Fighter Ben Askren Promotes Bitcoin With Twitter Handle

    UFC fighter Ben Askren changes his twitter handle to ‘Bitcoin Halving May 13 in a bid to promote to the BTC community with halving...

    Ether Price Undervalued But The Fundamentals Are Not Looking Good

    After a bad March, ETH price seeing greens, MVRV Ratio says ETH undervalued While Bitcoin active addresses on the rise, Eth’s declining but...

    Microsoft Joins Blockchain for Social Impact Coalition Initiative For Virtual Earth Day Hackathon

    Microsoft is set to support the Blockchain for Social Impact Coalition (BSIC) program whose winners will be rewarded during the Global Virtual Earth...

    Bitcoin Cash Halving Official Done, Reward Cut in Half But BCH Price Is Flexing for Now

    Bitcoin Cash block rewards now fallen to 6.25 BCH but before last few blocks before halving took 25 minutes to mine BCH price...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.