Bitcoin
$48,404.21 2.16%
BTC · 3w

Sweden is obligated to return roughly $1.5 million worth of bitcoin to a drug dealer!

Jakub Porzycki/NurPhoto via Getty Images

The Swedish government is being obligated to return roughly $1.5 million or (£1 million) worth of bitcoin to a drug dealer after the value of the digital asset appreciated while he was in custody, according to a report by Telegraph.  

The unusual turn of events was caused by the fluctuating price of the world's largest cryptocurrency.

Two years ago, when the Swedish Enforcement Authority seized 36 bitcoins from the drug dealer, the coins were cumulatively worth around $136,000, according to Telegraph. This puts each bitcoin at roughly $3,700 per piece.

At that time, Prosecutor Tove Kullberg successfully argued in court that the drug dealer should be stripped off of his illegally earned bitcoin. Kullberg, however, used the monetary equivalent to make her case at the time, not anticipating the pace at which bitcoin's value would grow.

As of August 20, bitcoin was trading around $48,978 per coin. The asset has surged 66% year-to-date and 313% in the past 12 months. The value of the dealer's 36 bitcoins from two years ago is equivalent to just three bitcoins now. 

When the dealer was released, The Telegraph reported, the authorities were going to auction off all 36 of their coins, but Kullberg's arguments during the prosecution meant the state had only seized three coins worth.

Based on the prosecution, the government had to return 33 bitcoins — worth roughly $1.6 million as of publishing — despite knowing full well the illegal nature of where the funds came from. 

Kullberg lamented this outcome, telling Swedish Radio that it was "unfortunate in many ways." 

"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 bitcoin has at the time," Kullberg said. "It has led to consequences I was not able to foresee at the time." 

The prosecutor did add that this case was t...

Continue on businessinsider.com
Recent news
BTC +2.16% · titanmining.medium.com · 22h

Bitcoin Core 22.0 is out; here’s what’s new

The latest version released is the first to support the upcoming Taproot upgrade while also offering several other improvements and updates over previous Bitcoin Core versions. Bitcoin Core is an…
13