US authorities earned roughly 250% in extra profit from selling bitcoins

Monmouth County authorities in New Jersey (USA) sold the cryptocurrency seized in 2018 for $198,000. The value of the assets since the seizure has risen by nearly 3.5 times from $57,000, according to NBC’s 4 канал television network reports.

Law enforcement seized the bitcoins during an investigation into illegal drug trafficking, after determining that the coins were proceeds of criminal activity.

“The county prosecutor’s office is at the forefront of innovative strategies and practices by law enforcement needed in the evolving crypto world,” said Prosecutor Christopher Gramiccioni.

The civil-forfeiture suit to confiscate the bitcoins was filed in 2019 after the suspect pleaded guilty and was sentenced.

“This will serve as an effective template for state law enforcement agencies in the cryptocurrency market — the place where continued concealment of criminal proceeds can be expected,” Gramiccioni says.

The first batch of bitcoins seized by the county back in 2017 has not yet been liquidated. The crypto assets seized from suspects in robberies of more than a dozen financial institutions amounted to over $200 000 at the time. They are now valued at more than $1.25 million, the channel noted.

In April, the U.S. General Services Administration (GSA) sold at auction 9.45 BTC for a total of $486 525 below the market price of the coins.