Utah Attorneys Rush To Sell Confiscated Bitcoins

Confiscated Bitcoins

One year ago, Aaron Shamo was arrested in Utah on multiples drug charges after being involved in a drug ring. At the time authorities seized almost $500,000 of Bitcoin. According to Time Magazine, Shamo was involved in black market synthetic opioid fentanyl sales.

Since the seizing, the cryptocurrency has skyrocketed in price and is now worth over $8.5 million and the US Attorney’s Office for Utah wants to sell it off. The court papers cite the reason for the sale as being due to Bitcoin’s high volatility. Historically, the authority that investigates these cases are the ones to keep the funds from the seized assets.

The defendant pled not guilty and his attorney is not contesting the sale of the Bitcoins that were seized.

New trend?

Earlier last week, Bulgaria had seized a substantial amount of Bitcoin from a criminal investigation. The country seized over 200,000 Bitcoins which equates to around one-fourth of the country’s national debt or around $4 billion dollars. It remains unclear what the country will do with the cryptocurrency but this might become a trend of central authorities.

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