New Jersey County Liquidates Bitcoin Seized in 2018, Profiting Almost 300%
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Earlier this year, the US Marshal’s Service sold stolen bitcoins worth in the hundreds of millions of dollars. At the time, it was reported that the coins were sold in an anonymous online auction, but a recent report from The New York Times has revealed that the coins were actually sold to a group of investors led by the Winklevoss twins, famous for their involvement in Facebook.
In May 2018, the U.S. Marshals Service sold 44,341 bitcoins which were seized from Ross Ulbricht and the black market platform Silk Road. The 44,341 bitcoins were sold in 11 blocks in an online auction that started on Aug. 15, 2018 and ended Aug. 22, 2018. The first block of 2,100 bitcoins was sold at a price of $10,000 per bitcoin. The remaining blocks were sold at $12,000 per bitcoin. The U.S. Marshals Service announced on Nov. 8, 2018 that it had successfully completed the auction of the 44,341 bitcoins seized from Ross Ulbricht and the black market platform Silk Road. The agency sold the bitcoins in 11 blocks in an
Individuals and businesses are not the only ones benefiting from bitcoin’s significant price appreciation, despite the recent setback. In New Jersey, US, a county has profited from the liquidation of cryptocurrencies seized in a drug investigation.
authorities take control of crypto-currencies in 2019
According to NBC New York, local authorities in Monmouth County obtained bitcoins during a 2018 drug raid. Investigators determined that these digital assets were part of the criminals’ profits from drug sales.
According to media reports, the district made about 300% of its profits on liquidation when BTC was trading at about $57,000, and sold it for about $198,000.
According to the report, the county initiated a forfeiture action in 2019 after the defendant pleaded guilty. In this way, the district became the owner of the seized cryptocurrency. Christopher Gramiccioni, District Attorney with the Monmouth County District’s Office, commented:
The Monmouth County Prosecutor’s Office is at the forefront of innovative enforcement strategies and practices needed in the emerging new world of cryptocurrency. This will serve as an effective model for government enforcement in the cryptocurrency market, a place where the proceeds of crime are expected to remain hidden.
The first crypto currency arrest in New Jersey County occurred in 2017
However, this is not the first time Monmouth County has seized cryptocurrencies. In 2017, law enforcement arrested 16 people for scamming various financial institutions.
The report states that the value of digital assets seized during Operation Plastic Army – the first of its kind in the District of New Jersey – exceeded $1.25 million at press time. However, the assets have not yet been liquidated.
Governments typically auction cryptocurrencies seized in connection with criminal activity, as France did in March when it auctioned 611 BTC, worth nearly $34 million at the time.
What do you think of this county in New Jersey profiting from seized bitcoins? Let us know your comments in the section below.
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