Finland to sell stolen bitcoins and donate gains to Ukraine: Report

Finland to sell stolen bitcoins and donate gains to Ukraine: Report
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Finland to sell stolen bitcoins and donate gains to Ukraine: Report

The Finance Minister of Finland announced the government's plan to help Ukraine by donating the confiscated bitcoins.

05/02/2022

Finland to sell stolen bitcoins and donate gains to Ukraine: Report

Finland will give Ukraine millions of euros gained through selling the stolen bitcoins seized by Finnish Customs during criminal investigations.

According to Helsingin Sanomat, a local media outlet, Finland’s Finance Minister announced the government’s plan to help Ukraine by donating the confiscated bitcoins. 

Finland is helping Ukraine

Finance Minister of Finland Annika Saarikko tweeted, “Thanks to the revenue from the sale of Finnish Customs’ stolen bitcoins, the government will donate tens of millions to help Ukraine.” 

Saarikko also mentioned that the government’s action is ‘acceptable and legitimate’. At the present time, Finnish Customs confiscated 1,981 bitcoins valued at about €75 million. 

In 2021, Customs planned to auction off bitcoins mostly seized during large narcotics bust in 2016. Based on the report, the authorities acquired 1,666 coins.

Confiscated bitcoins are for sale

“Our current aim is to make the legally enforceable virtual currency held by Customs, around 1,890 Bitcoin, available for liquidation to brokers in the spring or early summer,” Director of Finances Pekka Pylkkänen said.

“The money, together with any other assets confiscated by Customs, would be returned to the state in the usual manner,” Pylkkänen added.

Customs will announce specific schedules in spring or early summer. The parliament, however, has to initially discuss the adjustments of plans in the upcoming supplementary budget. 

In this case, not all the confiscated cryptocurrencies are for sale since legal proceedings of some original crypto holders remain in progress.

By Marielle Petere Wozinga Staff

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