South Korean Prosecutors Make $10.5M Gains From 2017 BTC Crime Haul

South Korean prosecutors have recently sold a BTC haul that they hauled from a criminal four years back and now it is worth $10.5 M more than the time of the arrest. The cash along with the profit made after selling the BTC has been reportedly deposited in the coffers of the national treasury of the country.

South Korean Prosecutors Make Merry with the BTC Crime Haul

In accordance with the recent reports released by the Suwon District Prosecutors Office, this is the first time, when a sequestrated BTC has been sold by the officials. 

In addition to this, this is the very first time when the coins in question have shifted since the time when the confiscated BTC was stored in cold storage in the year 2017.

At the time of sequestration, the coins were worth around $238,000 and recently, they have been sold by the authorities for a sum of $10.8M. This sum accounts for a spectacular 4400% increase in the capital in just a matter of four years. 

Well, with the difference in the considered invested amount and the selling sum, it can be expected that the value of one BTC would be around $1300 at the time of confiscation.

Details of the 2017 Confiscation

At the time of confiscation in the year 2017, there were no set rules and regulations regarding the storage of cryptocurrencies, so the responsible authorities locked the coins in cold storage. 

However, late in the month of March, the South Korean officials validated widespread crypto-specific regulations for the first time. It eventually put a significant amount of pressure on the digital asset service providers and crypto exchanges to make use of real-name trading accounts.

In addition to this, they were asked to submit a report of all their activities to the Financial Intelligence Unit of Korea. 

As soon as the regulations were put into place on March 25, the government officials didn’t take much time to sell these coins.

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