At its low in 2020, bitcoin was trading at just under $ 4000. Since then, the first cryptocurrency by market capitalization has survived a rally that pushed its price to a record high of $ 64,000 for a staggering 300% profit over the period.
The rapid increase in the rate of the cryptocurrency has caused a number of unintended consequences. The Swedish government is being forced to pay a convicted criminal about $ 1.5 million in bitcoin, the British news site Telegraph reported.
According to the report, local authorities later seized 36 TC from a person accused of drug trafficking. At the time, funds in bitcoins were estimated at about $ 136,000 or $ 3700 per BTC.
During the trial, a Swedish prosecutor named tuve Kullberg asked the court to buy bitcoin from the defendant. The prosecutor successfully proved that the funds were taken illegally.
However, the demand was met with an amount of about us $ 136,000 per currency, which corresponded to the price of BTC at the time. Kullberg did not take into account that bitcoin could be more expensive while the defendant was serving a prison sentence.
Thus, the 66% and 300% increase in the price of BTC in 6 months and years allowed the criminal to hold most of his bitcoin.
Bitcoin Sets Precedent In European Law
The message adds that when a convicted drug dealer was released, Swedish law enforcement decided to sell the money from the auction. However, they can only do this in US dollars for BITCOIN, which is saved when the offender is punished.
The Swedish government had to extradite the offender to about 33 BTC for more than $ 1.5 million. The court and Swedish officials have argued that the funds were taken illegally, but were impossible to confiscate because of the initial conviction.
The prosecutor restored that conclusion, noting that the case set a precedent for Swedish legislation. In addition, Kullberg said about the lawsuit, bitcoin and future prevention actions
