Australian Police Generates 2000% Profit on Seized Bitcoin
Australia has made a twenty-fold profit on bitcoin seized from an illegal firearms sale involving the use of cryptocurrency.
According to an annual report published by the Australian Federal Police, authorities were involved in the bust of an illegal firearms salesman in 2016 worth $7300 AUD ($5,000 USD). The Police were finally able to secure the bitcoin used in the criminal transaction in January 2018 and it had appreciated more than 2,000% by then.
The report has it that the seized BTC was deposited into the Commonwealth’s Confiscated Assets Account, which is distributed back into the community and used in further crime prevention. The 2016 firearms bust was also the first time Australian Federal Authorities were involved in the seizure of bitcoin.
Bitcoin is really the currency of the future as many countries and entities are now accepting and adopting Cryptocurrency. Venezuela adopted Crypto with the intention of using it to solve the Hyper Inflation happening in the country and this approach has not been regretted by the South American Country.