Seized Australian Bitcoins have returned hefty profits to Australian authorities. The police have earned a handsome twenty-times profit on the seized Bitcoins from a raid in 2016. The racket busted three years ago, involved illegal firearms sale using cryptocurrency as payment. The Bitcoins seized then have appreciated two thousand percent (2000%) in value.
The surprising finding came to light when the Australian Federal Police published their annual report. As per the official statement, the illegal firearms racket busted in 2016 involved transactions worth seventy-three hundred dollars ($7300) through the Bitcoin route. In January 2018, the authorities were finally able to get legal custody of the crypto money. And during this period, the appreciation in the Bitcoin yielded two thousand (2000) times profit to the authorities.
Seized Australian Bitcoins will now benefit the local community
The report further mentions that the Australian seized Bitcoins are now set to benefit the community. The BTC will now become part of the Commonwealth’s Confiscated Assets Account. This is the official portal that further uses seized money for various community-related events. Most importantly, it focuses on crime prevention at the local level.
The 2016 illegal firearms racket was the first time that authorities in Australia discovered the use of cryptocurrencies. As the investigation regarding the firearms seizure probed further, the use of BTC was exposed. This also showed the authorities that the crypto route can be misused and must be plugged efficiently. As we are witnessing today, a crime involving BTC and other cryptocurrencies has only increased.
The recent FATF meeting, too, mentioned about the possible use of cryptocurrencies in aiding illicit transactions and money-laundering. Besides seized Australian Bitcoins, the report also included an update regarding the action taken by the Australian Federal Police on crypto-related crime. Around fifteen tonnes (15 tonnes) of drugs were seized, and close to fifty-three million Australian dollars ($53M) of assets were seized as well.
