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.

Nov 24, 2020, 1:57 PM

Updated Aug 19, 2021, 5:49 AM

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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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