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