Sweden Government Pays Convicted Drug Dealer $1.5 Million In Bitcoin

The government of Sweden has found itself in the unusual situation of paying out around $1.5 million worth of Bitcoin to a drug dealer, whom they convicted and then jailed. Authorities are being forced to pay the man 33 BTC, after his illegally obtained bitcoin appreciated while behind bars. A Swedish Prosecutor’s Mistake Two years ago, a Swedish court convicted the man for selling drugs online and illegally earning 36 BTC from those sales. However, his prosecutor at the time, Tove Kullberg, used the fiat value of the coin to make her initial case. And as a result, the court judged that the man’s illicitly earned Bitcoin should be seized, at its then-value of 1.3 million Swedish kronor ($100,000). This mistake led to the court having to pay $1.5 million to the drug dealer upon his release. Related Reading | Bitcoin Poised To Explode Above $50K?, Why Fundamentals Shout More Profits In the two years following the man’s conviction and imprisonment, the price of bitcoin has skyrocketed. His crypto stash had appreciated significantly to more than $1.5 million. To satisfy the court’s original settlement of $100,000, the Swedish Enforcement Authority needed to sell off just 3 BTC. That leaves 33 BTC, worth $1.5 million, left from the criminal’s wallet that they must now return. The Swedish Government would have avoided this problem entirely if they had sold the 36 coins at the time of incarceration. Alternatively, if...