Lithuania’s tax authority has sold the cryptocurrencies it earlier secured for 6.4 million euros (approximately $7.6 million). The big three cryptocurrencies seized were Bitcoin, Ether, and Monero. This was the first time the tax authority sold confiscated cryptocurrencies.
Lithuania Sold Seized Cryptocurrencies
The State Tax Inspectorate (STI) under the Ministry of Finance of the Republic of Lithuania published last Tuesday that it had sold the cryptocurrencies it confiscated in February and transferred 6.4 million euros to the state budget.
The tax authority clarified that this is the first time it has sold seized cryptocurrencies. Irina Gavrilova, Director of the STI Non-Payment Administration Department, stated:
The whole process was new for the tax administrator, from the confiscated cryptocurrencies’ takeover to their sale.
She continued that in the future, it would be much easier and quicker to sell seized cryptocurrencies. “The smooth conversion of cryptocurrencies into euros took almost a day,” the announcement described.
The STI explained that the three cryptocurrencies held were Bitcoin, Ethereum, and Monero. Despite this, it did not furnish further details on the seizure or how they were sold.
The announcement details,
“In preparation for the conversion of virtual currencies into euros, it was necessary to create a virtual currency wallet — cryptocurrencies received from law enforcement agencies were transferred to it, and the conditions for the sale of the virtual currencies were prepared,”
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