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S. Korean prosecution sells confiscated Bitcoins for over US$ 10.8 million Updated: 2021-04-01 15:02:40 KST

The South Korean prosecution has sold off a number of Bitcoins worth more than 10.8 million U.S. dollars that it confiscated from a convicted criminal and has deposited the cash in the national treasury.
This is according to the Suwon District Prosecutors Office, and it's the first time the proceeds of crime in the form of cryptocurrencies have been put in state coffers.
The Bitcoins were seized in 2017 from the operator of a pornography website, and at the time were worth only about 238-thousand dollars in total.
But there was no law at the time on what to do with confiscated cryptocurrencies, so they were kept in storage.
The prosecution says they were sold on an exchange right after a new regulation on cryptocurrencies took effect on March 25th.
Reporter : jhee@arirang.com
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