South Korean Government Generates 10.5 Million Profit From Bitcoins Held In Cold Storage

The coins abandoned in cold storage for 4 years subsequent to being impounded by authorities during an arrest have generated over 10.5 Million USD gains for the South Korean government.

The nation’s prosecutors have ultimately disposed of a BTC haul they impounded from a lawbreaker in 2017 and it’s now worth around ten and a half million dollars more than it was at the time of the seizure. The cash has purportedly been deposited in the repository of the nation’s national treasury.

As per reports coming out of the Suwon District Prosecutors Office, this is the 1st time impounded Bitcoin has been sold by the officials. Also, this is the 1st time the cryptocurrency in question has moved since being put into cold storage in 2017.

With no specific digital asset regulations in place at the time, authorities left the crypto in cold storage. Initially worth approximately 238k USD at the time of the seizure, the coins were lately sold for approximately 10.8 Million USD, displaying a gain of forty four hundred percent in value in 4 years.

Notably, the National Tax Service of South Korea stated that the number of digital asset investors increased around twenty five percent in the past year, resulting in an eight hundred percent growth in comprehensive trade volume.