The County of New Jersey announced the liquidation of confiscated cryptocurrency assets in 2018.

The Monmouth County District Attorney’s Office announced Monday that the confiscated cryptocurrency – originally valued at $ 57,000 at the time of the seizure – had been wound up on Coinbase for $ 198,237, with $ 141,000 “profit”.

Authorities confiscated the cryptocurrency during a drug seizure in Long Branch in 2018. Assets on the US cryptocurrency exchange were frozen as soon as officials decided they were guaranteed profits from illegal drug sales.

Monmouth County Attorney General Christopher Gramichoni said the county is the first state agency to complete the seizure and liquidation of cryptocurrencies. “This would be an effective model for law enforcement in the cryptocurrency market – a place where we can expect the proceeds of crime to continue to trickle,” he said.

The prosecution did not specify which cryptocurrency was seized. Major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) have shown big gains since 2018, with Bitcoin rising to almost $ 65,000 in 2021 from a low of $ 3,200 in December 2018. $ 2,700 for the first time in history on Wednesday. … At the end of 2018, the alternative currency traded below $ 100.

Bitcoin price chart all the time. Source: CoinGecko
Monmouth prosecutors registered a new crypto hijacking in 2017. Authorities seized about $ 200,000 in crypto assets during a fraud case that resulted in the arrest of 16 people. The office said that “the value of this cryptocurrency is now estimated at more than $ 1.25 million.”

As previously reported, cryptocurrency companies regularly assist government agencies in managing confiscated cryptocurrencies. Large cryptocurrency company BitGo announced last week that it will manage and secure the confiscated cryptocurrencies for the US Marshall Service. At the end of 2020, the large crypto-information company Chainalysis launched a service designed to help the authorities track, store and sell cryptocurrencies related to crime after seizures.

Source: CoinTelegraph

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