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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