Lithuania Makes Millions in First Sale of Seized Cryptocurrency

The sale of bitcoin, ether and monero brought in €6.4 million, or $7.5 million.

AccessTimeIconNov 24, 2020 at 1:57 p.m. UTC
Updated Sep 14, 2021 at 10:34 a.m. UTC

The tax department in Lithuania has sold off confiscated cryptocurrencies for the first time, bringing in €6.4 million, or $7.5 million.

  • As reported by local news source Delfi on Tuesday, the State Tax Inspectorate took a day to exchange quantities of bitcoin, ether and monero.
  • "The whole process for the tax administrator was new, starting with taking over the confiscated cryptocurrency and ending with its implementation," said Irina Gavrilova, a representative of the tax department.
  • The Tax Inspectorate gained possession of the digital assets in February, according to the report.
  • No details were provided on why the cryptocurrencies were seized.

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