For the initial time in the history South Korea, the nation’s prosecutors have sold bitcoin (BTC) seized from criminals. The sale made money of around 12.3 billion won, around US$10.9 million, which has been moved to the national treasury.
On April 1, the Suwon District Prosecutors’ Office reported it had sold 191 BTC seized in April 2017 from the administrator of the illicit porn site, AVSNOOP, distinguished so far as ‘Ahn’ at around 64,260,000 won, nearly $57,000 per coin. At the point when prosecutors seized Ahn’s BTC in April 2017, it was worth around 270 million won around $240,000. The sum, when sold on March 25, is more than 45 times that.
Ahn worked at AVSNOOP from May 2014 to when he was arrested in April 2017. He served year and a half in jail and was released in October 2018. It would appear that he will get the remaining 25 BTC determined to be genuine.
In South Korea, delivering, selling, and appropriating sexual entertainment is restricted by law. Specialists initially seized 216 BTC from Ahn, yet just 191 were resolved to be of the criminal root by the Korean Supreme Court in a decision in May 2018. It was the first run through a South Korean court that recognized cryptographic money as intangible resources and gave the specialists the option to take cryptocurrency obtained through or utilized for, illegal movement.
While the U.S. government has been unloading bitcoin since 2014, Korean investigators have clutched the seized bitcoin for as long as four years because of lawful uncertainty encompassing cryptographic money. As indicated by South Korea’s Yonhap News Agency, prosecutors moved to exchange the seized bitcoin on March 25, the specific day when the country’s crypto enactment became effective. The overhauled enactment characterizes crypto as virtual resources.