is bitcoin safe,how much are bitcoins worth,bit coin price,bitcoin stock price,Privacy settings,How Search works

South Korean gov’t makes $10.5M profit from 4-year-old Bitcoin crime haul

South Korean prosecutors have finally sold the truckload of bitcoins (BTC) they seized from the criminal in 2017, and it is worth $10.5 million more than when he was arrested. The money would have been deposited in the coffers of the National Treasury.

According to reports from the Suwon County Prosecutor’s Office, this is the first time the seized bitcoins have been sold by authorities, and the first time the coins in question have been moved since they were stored in a cold storage facility in 2017.

The coins were originally valued at $238,000 when seized and were recently sold for $10.8 million, a 4,400 percent increase in value over four years. Based on this percentage increase, we can assume that the price of bitcoin at the time of the arrest was around $1,300, which roughly corresponds to the price in April 2017.

Because there was no specific law or regulation on cryptocurrencies at the time, authorities left the coins in cold storage. In late March, the South Korean government enacted sweeping laws on cryptocurrencies for the first time, increasing pressure on exchanges and virtual asset providers to use trading accounts with real names and report their activities to Korea’s financial intelligence agency. According to information, prosecutors sold the coins as soon as the laws were passed on 25. March.

South Korea’s determination to regulate the cryptocurrency sector stems from revelations about the use of cryptocurrencies by tax evaders, as well as ongoing concerns about money laundering. In January 2022, new laws come into effect that impose a 20% tax on capital gains from transactions involving cryptocurrencies.

South Korea’s National Revenue Service said the number of investors in cryptocurrencies rose by 25 percent last year, leading to an 800 percent increase in total trading volume.

is bitcoin safe,how much are bitcoins worth,bit coin price,bitcoin stock price,Privacy settings,How Search works