Liquidation Of Seized Crypto Assets By U.S. Officials - $141k USD Quoted Profits.
2021-04-29 | Eddy Morgan
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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