Finland to sell confiscated Bitcoin worth €75 million to support Ukraine's war effort

Finland will donate "tens of millions" of euros earned through selling confiscated Bitcoin to Ukraine, the country's finance minister announced late on Wednesday.

Finland currently holds 1,981 Bitcoin worth nearly €75 million at current rates, which were seized by Customs officials during criminal investigations.

"The government will donate tens of millions to help Ukraine thanks to the proceeds from the sale of Finnish Customs' confiscated Bitcoin," Finnish finance minister Annika Saarikko tweeted, adding that the decision was "right and proper".


In a statement on Thursday, Finnish Customs said that it had selected Finland-based digital asset firms Coinmotion and Tesseract to carry out the Bitcoin sale, saying it was satisfied with their "procedures to prevent money laundering and investigate the background of the buyer".

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While Saarikko did not specify the amount that would be donated, sources who spoke to Finnish newspaper Helsingin Sanomat, which first reported the proposed donation, told the newspaper that at least "a significant proportion" would be sent as aid to Ukraine.

Ukraine has already received tens of millions of euros worth of donations in cryptocurrency following the Russian invasion that began in late February.

Finland's Bitcoin stash

Last year, Finland's Customs announced a plan to auction off the seized Bitcoin, most of which dates back to a major drug bust in 2016 when 1,666 of the tokens were confiscated.


At the time, the Bitcoin haul was worth less than €700,000. Current prices put its value at closer to €62 million.














 

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