Crypto confusion as Swedish government returns $1.5 million to drug dealer

swedish government

TL;DR Breakdown

  • In the legal proceedings of a drug dealer in the year 2019, a prosecutor had made an argument using the amount of fiat in 1 BTC at the time.
  • The Swedish government needed to sell off only 3 BTC to offset fines, requiring a return of the rest.
  • Recent passed judgement directs the Swedish government to pay a huge sum in BTC to the convicted drug dealer.

The world has found an unexpected and bizarre situation in Sweden, where the Swedish government authorities had recently had to pay around $1.5 million worth of BTC to a convicted person. In further strange unfolding, the government had proceeded to jail the drug dealer involved.

Two years back, a man was convicted for illegal earning of 36 BTC in Sweden through online drug involvement. His prosecutor, Tove Kullberg, had made her case using then-value BTC’s equivalent fiat. The Swedish judicial system, at that time, decided that the man should pay back illegally earned BTC worth 1.3 million Swedish Kronor.

The Swedish government forced to return 33 BTC

During the serving of his jail term, his crypto holdings appreciated significantly, and the Swedish government- previously directed to auction off 36 BTC, just had to sell only 3 BTC to satisfy court orders and demands.

This led to a situation where the authorities have to lawfully return a whopping sum of $1.5 million to the drug dealer accused in 2019. As many as 33 Bitcoins were left. Kullberg said that she never thought of this situation potentially happening and the consequences.

Kullberg further added that as blockchain technology is becoming more popular every day due to its massive adoption, the prosecution should take steps to educate the officials about the industry.

There have been a number of bizarre events in the past when it comes to the cryptocurrency market due to its high volatility. It has challenged several governmental regulations all over the world for not being crypto-friendly.

In another recent scam, a drug dealer called “Xanaxman” was accused of laundering as much as 2,933 Bitcoins, sitting behind the bars of his cell. This incident made several news headlines, and a rising level of such incidents could prevent investors from potentially entering the crypto world.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

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