• Finland is getting ready to sell its tainted Bitcoin fortune

  • The Finnish Customs Service (Tulli in Finnish) has launched a tender for cryptocurrency brokers to sell its Bitcoin holdings, which are primarily tied to narcotics trafficking.

    Candidates from all throughout the European Union will have until August 30 to submit their applications.

    The transaction can be carried out by up to three different brokers.

    Tulli wants to find a way to “safely and reliably” sell stolen crypto in the future, according to Pekka Pylkkanen, the agency’s chief financial officer, implying that this will not be a one-time event:

    We invite all interested parties to participate in the tendering process. Our goal is to develop a long-term mechanism that will allow us to safely and reliably realize cryptocurrency forfeited to the government in the future. The chosen operator must, for example, meet all of the standards of the cryptocurrency legislation.

    Hodling’s Influence

    The government of the country presently owns a bitcoin fortune of $78 million.

    In early January, the government agency revealed its intention to sell its crypto holdings. It had previously been unwilling to hold a sale because it was concerned that its coins would fall into the hands of thieves.

    In 2016, Finnish customs officers seized €1.1 million in Bitcoin from people linked to Valhalla, one of the world’s first dark web shops.

    Valhalla’s server was seized by Finnish authorities in 2019, bringing the website’s six-year lifespan to an end.

    Finland would have lost out on gigantic 5,782 percent earnings if it had liquidated its Bitcoin assets.

    However, if the agency had held a sale in mid-April, when the largest cryptocurrency reached its current high of about $65,000, it would have received an even higher gain.

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