Lithuania Makes Millions in First Sale of Seized Cryptocurrency

The tax department in Lithuania has sold off confiscated cryptocurrencies for the first time, bringing in €6.4 million, or $7.5 million.

• As reported by local news source Delfi on Tuesday, the State Tax Inspectorate took a day to exchange quantities of bitcoin, ether and monero.
• "The whole process for the tax administrator was new, starting with taking over the confiscated cryptocurrency and ending with its implementation," said Irina Gavrilova, a representative of the tax department.
• The Tax Inspectorate gained possession of the digital assets in February, according to the report.
• No details were provided on why the cryptocurrencies were seized.

See also: US Seized More Than $1B in Silk Road–Linked Bitcoins, Seeks Forfeiture