South Korean government sells 2017 Bitcoins, making $10.8 million profit

It’s typical of government agencies to sell seized Bitcoins during bull runs; with South Korean law enforcement agencies becoming the latest entity that has sold a significant amount of confiscated Bitcoin. The amount in question, which was worth more than $10.8 million at the time of the sale, had been confiscated from a criminal back in 2017.

According to local reports published by the Suwon District Prosecutors Office, the fiat amount realized from the sale has been deposited in the national treasury of South Korea.

Authorities seized crypto assets in 2017 from a convicted operator of a pornography website. At the time, the cryptocurrency was worth close to $238K in total, which appreciated by 4,400% while it was in custody for the past four years.

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