Fun

Lithuania Rakes in 6.4 Million Euros From Selling Seized Cryptocurrencies

News Feed - 2020-11-26 05:11:31

Lithuania Rakes in 6.4 Million Euros From Selling Seized Cryptocurrencies


Lithuania’s tax authority has sold the cryptocurrencies it previously seized for 6.4 million euros (approximately $7.6 million). The three cryptocurrencies confiscated were bitcoin, ether, and monero. This was the first time the tax authority sold seized cryptocurrencies. Lithuania Sold Seized Cryptocurrencies


The State Tax Inspectorate (STI) under the Ministry of Finance of the Republic of Lithuania announced Tuesday that it has sold the cryptocurrencies it confiscated in February and transferred 6.4 million euros to the state budget. The tax authority explained that this is the first time it has sold seized cryptocurrencies.


Irina Gavrilova, Director of the STI Non-Payment Administration Department, commented: The whole process was new for the tax administrator, from the takeover of the confiscated cryptocurrencies to their sale.




She added that in the future, it will be much easier and faster to sell seized cryptocurrencies. “The smooth conversion of cryptocurrencies into euros took almost a day,” the announcement described. The STI explained that the three cryptocurrencies seized were bitcoin, monero, and ethereum. However, it did not provide further information on the seizure or how they were sold.


“In preparation for the conversion of virtual currencies into euros, it was necessary to create a virtual currency wallet — cryptocurrencies received from law enforcement agencies were transferred to it, and the conditions for the sale of the virtual currencies were prepared,” the announcement details.


What do you think about Lithuania selling seized cryptocurrencies? Let us know in the comments section below. CFTC"s New Rules Cause Coinbase to Stop Offering Crypto Margin Trading REGULATION | 11 hours ago SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value REGULATION | 2 days ago Tags in this story confiscated cryptocurrency, Lithuania, lithuania sells bitcoin, lithuania sells cryptocurrency, lithuanian government, Seized bitcoin, seized btc, Seized Crypto, seized cryptocurrency


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year
William Suberg39 minutes agoBitcoin ‘massive rally’ due as buy signal hits for 1st time in a yearBTC price breakout talk returns as the popular hash ribbons indicator goes from “capitulation” to “buy” for the
297% Spike In Cardano Large Holder Volume Suggests ADA Price Could See Another Uptrend
Este artículo también está disponible en español. The Cardano blockchain has witnessed a surge in trading activity over the past few weeks, with price data relaying this
Iconic Staples Center, Home of Los Angeles Lakers, Changing Name to Crypto.com Arena
Iconic Staples Center, Home of Los Angeles Lakers, Changing Name to Crypto.com Arena Staples Center, one of the most iconic and globally recognized sports and entertainment arenas
Morpho secures $50M funding led by Ribbit Capital for onchain lending
Ana Paula Pereira7 hours agoMorpho secures $50M funding led by Ribbit Capital for onchain lendingMorpho Labs has raised $50 million from over 40 investors, including Ribbit Capital, which also invests in Revolut, NuBank,
LBank Goes on a Worldwide Grassroot Educational Campaign in July
LBank Goes on a Worldwide Grassroot Educational Campaign in July sponsored Top cryptocurrency exchange, LBank, gave its various communities across the world a July to remember. With
US authorities arrest and charge new figure in OneCoin scheme — Who is William Morro?
Turner Wright7 hours agoUS authorities arrest and charge new figure in OneCoin scheme — Who is William Morro?Reports suggested that the latest individual to be charged in connection to the crypto scheme was associated
Biggest Movers: EOS up Nearly 20%, Token Hits 3-Month High
Biggest Movers: EOS up Nearly 20%, Token Hits 3-Month High Eos rose by as much as 20% on Wednesday, as bulls continued to react to the news of its upcoming Yield+ incentive program
Savannah Fortis10 hours agoBinance plans to delist stablecoins in Europe, citing MiCA complianceA Binance executive said the cryptocurrency exchange plans to delist stablecoins in the European market by June 2024 in orde
In-Between Bitcoin Halvings: Analyst Proves Bitcoin’s Price Not Bound to 4-Year Cycles
In-Between Bitcoin Halvings: Analyst Proves Bitcoin"s Price Not Bound to 4-Year Cycles Crypto traders and analysts have always looked to the halvings for some kind of clues in or
Tom Mitchelhill3 hours agoPayPal stablecoin launch sparks wave of fake PYUSD tokensNearly 30 fake PYUSD tokens cropped up in the wake of PayPal’s most recent announcement.1304 Total views28 Total sharesListen to articl
Why Is Alchemy Pay (ACH) On The Rise?
Why Is Alchemy Pay (ACH) On The Rise? press release PRESS RELEASE.July has seen a jump in crypto prices, and none more so than the utility token of Alchemy Pay, ACH.
Report: Digital Currency Exchange Kraken Under Investigation for Violating OFAC Sanctions
Report: Digital Currency Exchange Kraken Under Investigation for Violating OFAC Sanctions On Tuesday, a newly published report details that the cryptocurrency exchange Kraken is un