Personal Finance

Interesting case of cryptocurrency in Sweden: Government will return a criminal his bitcoin worth more than Rs 11 crore!

NDTV Gadgets 360 Hindi
The Swedish government has been forced to pay more than $1.5 million (about Rs 11 crore) in bitcoin to a drug dealer in a recent decision. This drug dealer earned these 36 bitcoins from illegally selling drugs in 2019. He was imprisoned for this crime. Prosecutor Tov Cullberg had previously succeeded in his argument in court that the unnamed man should have been stripped of his 36 bitcoins, reportedly worth SEK 1.3 million (about Rs 1 crore) at the time, which he claimed for the illegal sale of drugs. earned through

However the price of bitcoin skyrocketed after it was confiscated from the man. When the Swedish Enforcement Authority began auctioning 36 bitcoins, they had to sell only three of them to raise the amount demanded due to the increased value of the cryptocurrency. In other words, 36 bitcoins from drug dealers in 2019 are now worth just three bitcoins.

According to a report in The Telegraph, Kulberg admitted the mistake and told Swedish radio, “It’s unfortunate in many ways.” “It has resulted in results that I could not have imagined at the time,” she said. Now the authority will have to return 33 of the remaining bitcoins which are now worth over $1.5 million (approximately Rs 111.33 lakh). Kulberg said it was the first case of its kind in Swedish legal history. Bitcoin was confiscated at a time when there was no precedent in court on how to view cryptocurrency profits.

“The lesson to be learned from this is that to keep your money in bitcoin, the profit from the crime must be 36 bitcoins, regardless of the bitcoin’s value at the time,” Cullberg said. He also suggested steps to invest in “inner education” in the Prosecution Authority. This will ensure better conduct of legal proceedings as cases related to cryptocurrencies may increase in future. “The more we raise the level of knowledge within the organization, the less mistakes we’ll make,” Cullberg said.

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Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.

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