Well, it’s pretty clear that bad players select Bitcoin and other alternative cryptocurrencies due to its anonymity, trying to evade detection by police but many a time, legal watchdogs have successfully traced and seized the funds. But have you ever thought what happens to such seized crypto funds by the time it gets into the hands of police?
The latest report revealed that Bitcoin worth of AUD $7300 (USD$5000) which was seized by Australian police back in 2016 had turned to AUD $154000 (USD$105000) when cops were actually able to access this cryptocurrency in January 2018. That’s nearly a 2000 percent increase in value which denotes that the Seized crypto has turned into pretty penny for AFP (Australian Federal Police). AFP said that the amount seized in 2016 is successfully retained in 2018 – thanks to the members of the Criminal Assets Confiscation Taskforce and Criminal Assets Litigation teams in Brisbane which made it possible under the Proceeds of Crime Act 2002(Cth).
Notably, the case began in 2016 when a gun runner was being charged for illegally importing firearms (paid in Bitcoin) – however, the gunrunner refused to hand over keys of his coin to cops. The AFP’s annual tome says;
“At the time it was seized the Bitcoin was worth approximately $7300, AFP report said. In November 2018, following protracted negotiations, the man agreed to the forfeiture of the Bitcoin,” the AFP noted. “By that time it had increased in value to approximately $154,000.”
Restraining this crypto fund wasn’t easy, at least not immediately as the force’s annual report said, it is the first-ever seized fund restrained by the AFP. Moreover, until November 2018 AFP couldn’t secure the Bitcoin which was made possible after the perpetrator agreed to forfeit the coins. As the value of Bitcoin and other altcoins are volatile by nature, the seized funds significantly increased in value by almost 20 times.
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