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Seized Bitcoin

  • 22-04-2018 1:14am
    #1
    Buachaill Cara
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi guys
    I was following the Alphabay shutdown last year. US law enforcement seized millions of USD worth of Bitcoins (which I think was the reason it spiked in value). What is normal procedure for law enforcement when they seize money? Those Bitcoins are worth a lot more now. Over three times the price they were seized at.


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 27,258 ✭✭✭✭Peregrinus


    Buachaill Cara wrote: »
    Hi guys
    I was following the Alphabay shutdown last year. US law enforcement seized millions of USD worth of Bitcoins (which I think was the reason it spiked in value). What is normal procedure for law enforcement when they seize money? Those Bitcoins are worth a lot more now. Over three times the price they were seized at.
    They usually auction off seized property, but with something like this they might just sell it on an exchange.


  • #3
    GM228
    Registered Users, Registered Users 2 Posts: 8,922 ✭✭✭GM228


    Buachaill Cara wrote: »
    Hi guys
    I was following the Alphabay shutdown last year. US law enforcement seized millions of USD worth of Bitcoins (which I think was the reason it spiked in value). What is normal procedure for law enforcement when they seize money? Those Bitcoins are worth a lot more now. Over three times the price they were seized at.

    The Alphabay bitcoin (along with others seized) were auctioned off on 22nd January.

    And here's another case of the cryptocurrency being auctioned:-

    https://www.coindesk.com/us-government-to-sell-off-10-million-in-seized-bitcoin-and-bitcoin-cash/amp/


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