Individuals and businesses are not alone in benefiting from the significant bitcoin prices that are soaring across the board, despite recent downturns. In New Jersey, United States, a county made a profit after liquidating seized cryptocurrencies during a drug investigation.
Authorities took control of the cryptos in 2019
According to NBC New York, local authorities in Monmouth County received the bitcoin (BTC) during a raid in the context of an illegal drug trade in 2018. Investigators found that such digital assets were part of the profits made by criminals from the sale of drugs.
The province took about 300% in gains from the liquidation when BTC traded hands around the $ 57,000 threshold and sold it for about $ 198,000, the media said.
According to the report, the county filed a forfeiture complaint in 2019 after the suspect pleaded guilty. That said, the province gained ownership of the seized crypto. Christopher Gramiccioni, the district attorney for the Monmouth County Prosecutor’s Office, commented:
The Monmouth County Prosecutor’s Office is leading from the front on innovative law enforcement strategies and practices needed in the emerging new crypto world. This will serve as an effective template for the state law enforcement agencies in the cryptocurrency market – a place where we can expect the proceeds of crime to remain hidden.
First Crypto Seizure in NJ County took place in 2017
However, this isn’t the first time Monmouth County has seized cryptocurrencies. In 2017, the police arrested 16 people for defrauding various financial institutions.
The report states that seized digital assets in the “Operation Plastic Army” – the first of its kind in NJ county – are worth more than $ 1.25 million at press time. However, the assets have not yet been liquidated.
Governments tend to auction cryptocurrencies seized by criminal activity, as France did in March when the French government auctioned 611 BTC, which was worth nearly $ 34 million at the time.
What do you think of this NJ county benefiting from seized bitcoins? Let us know in the comments below.
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