Law and Legislation

Liquidation Of Seized Crypto Assets By U.S. Officials – $141k USD Quoted Profits.

A county within the state of New Jersey has revealed the liquidation of cryptocurrency assets seized earlier in 2018.

Earlier on Monday, the prosecutor’s office in Monmouth County outlined that the confiscated crypto – primarily valued at $57k at the time it had been seized – was liquidated on Coinbase for $198,237 USD at a quote “profit” of around $141,000 USD.

Authorities captured the crypto assets during a 2018 drugs bust in Long Branch. The assets were frozen on a U.S.-based cryptocurrency exchange once officials determined them as profits secured from illcicit drug sales.

Monmouth County Prosecutor Christopher Gramiccioni added that the county is among the primary state-level agency to finish the forfeiture and liquidation of cryptocurrency assets. “This will function an efficient template for the state enforcement agencies within the cryptocurrency market – an area where we will expect proceeds from crimes to still be concealed,” he added.

The prosecutor’s office didn’t specify exactly which crypto assets were seized. Some leading crypto assets like Bitcoin [BTC] and Ethereum [ETH] have recorded whopping gains since 2018, with Bitcoin surging to just around $65k in 2021 from a low of $3,200 USD in December 2018. Ether, the second-largest cryptocurrency by market capitalisation, surged above $2,700 for the primary time in history earlier on Wednesday. Earlier in 2018, the altcoin was trading below $100 USD.

Monmouth prosecutors outlined another cryptocurrency seizure from 2017. The authority seized around $200k in crypto assets within a fraud case that resulted within the arrest of 16 individuals. “The value of that cryptocurrency is now estimated to be over $1.25 Mln,” the officials revealed.

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