The value of bitcoin seized by the Bulgarian government surpassed 3 billion U.S. dollars

nBankruptcy Commentary: Bulgarian law enforcement agencies seized more than 200,000 bitcoin while investigating a customs fraud in May of this year, and the value of these bitcoin has risen from 500 million U.S. dollars at that time to more than 30 today, given the recent soaring prices One hundred million U.S. dollars. However, the Bulgarian government did not disclose how to deal with these assets.n
nTranslation: Inan
In May, Bulgarian law enforcement agencies seized over 200,000 bitcoin in the fight against an organized crime, worth more than $ 3 billion at today’s price.n
The South East European Law Enforcement Center (SELEC), consisting of 12 member states, including Bulgaria, seized 213 13519 bitcoins that month, according to a press release issued on 19 May. The staff members said they confiscated these assets while investigating an alleged fraud in the customs and arrested 23 Bulgarians.n
According to CoinDesk’s Bitcoin Price Index (BPI), as of this writing, bitcoin price is about 15524 US dollars, the value of these seized assets has reached 3.3 billion US dollars.n
Authorities commented at the time:n
n”Offenders choose to invest / save in bitcoin because the currency is quite difficult to track.”n
nThey also pointed out that the people involved had created a virus to attack the Bulgarian customs computer so that they did not have to pay for the shipment into Bulgaria. According to the news release, they uploaded the virus to government computers through bribery agents.n
In sum, these offenders are exempt from the cost of about 10 million leva (Bulgarian currency), at about $ 6 million.n
It is not yet clear what the Bulgarian government is doing with these bitcoin.n
According to Bivol.bg’s report dated November 28, the Bulgarian government declined to provide further details.n
It is noteworthy that when the incident was announced on May 19, the value of a bitcoin is 2,354, and the seized bitcoin is worth a total of 500 million U.S. dollars – less than one-sixth of its current value.n

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