Copy link
Increase text size
Decrease text size
Link copied

Lithuania sells seized crypto composed of BTC, ETH, and Monero (XMR) for $7.5 M

Lithuania's tax authority just completed its first sale of seized cryptocurrencies that includes Bitcoin, Monero, and Ether.

Vilnius, Lithuania / Image by dmvl from Pixabay

Thu, 26 Nov 2020, 05:12 am UTC

Lithuania has just completed its first sale of seized cryptocurrencies. With the current crypto market rally, it was a well-timed move as the tokens, composed of Bitcoin (BTC), Ether (ETH), and Monero (XMR), fetched more than €6 million for the country’s tax department.

On Tuesday, November 24, Lithuania’s State Tax Inspectorate (STI) announced that it sold cryptocurrencies that it seized back in February, reported. STI, which operates under Lithuania’s Ministry of Finance, also explained that it was the first time it sold crypto assets that the agency confiscated.

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

The tax authority revealed that the sale brought in 6.4 million euros, which is around $7.5 million, to state coffers, according to Coindesk. The batch of sold cryptocurrencies includes Bitcoin, Ether, and Monero but STI did not reveal the number of tokens per crypto.

STI also detailed some of the processes involved in the sale of digital currencies. These include the creation of a crypto wallet that stored the tokens before they were disposed of.

“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 tax authority announced.

With the preparations in place, the tax agency’s sale of the digital currencies went on smoothly without a hitch. “The smooth conversion of cryptocurrencies into euros took almost a day,” STI announced.

After completing its first sale of seized cryptos, Gavrilova believes that future sales of such nature will be much faster and easier. However, she did not reveal the reason why the tokens were seized except for the fact that their seizure took place in February this year.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Jan 27, 2021 (Wednesday)
BTC Surges by 1.02% Within 5 Mins, Marking 30,954 USDT
BTC Drops by 1.01% Within 5 Mins, Marking 31,271.8 USDT
F2Pool To Suspend Payment Of CKB Mining Earnings On Jan 28
Whitepaper Of MOV Lending Protocol Released
BTC Tops List Of Crypto Net Outflows With $102.40 Mln In Past 18 Hours
UN Stamps Launches Ethereum-Powered UN Crypto Stamp
Huobi Global To Suspend ADA Deposits And Withdrawals
SushiSwap Falls Victim To Attack Again, And Hacker Make A Big Fat Profit
Ripple Client ACI Chosen For Fed’s Pilot Program, While One More Exchange Joins RippleNet
BTC Drops Below 31000 USDT
CoinNess DeFi Report: Assets Locked In DeFi Mark $35.74 Billion
Furucombo Partners With Synthetix
EY’s Paul Brody Expects Consumer DeFi Ignition In 2021
F2Pool: VTC Is Expected To Conduct Hard Fork On Jan 30
Independent Reserve Announces To Delist BSV
OKEx: Props Token (PROPS) Now Available
Ripple Hit With Yet Another Lawsuit Over Securities Law Violations
Effective Hashrate Of Filecoin's Entire Network Marks 2.116 EiB
24H Trading Volume Of Uniswap Tokens Marks $710 Mln
Plasm Network announced that ZK Rollups integration test has been successfully completed.
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.