Bitcoin Aid: Finland to Donate BTC Recovered from Prosecution to Ukraine

Updated:

The customs service of Finland (Tulli) announced on Thursday that it had sold previously seized Bitcoin (BTC) tokens from a criminal case. The official statement noted: “During the summer, Finnish Customs has realized its cryptocurrencies that had been legally forfeited to the state.”

The announcement further detailed:

“The realization concerned 1,889.1 Bitcoins. The state gained about 46.5 million euros in total in proceeds from their sale.”

Tulli explained that the Bitcoins were confiscated “in connection with investigations into offenses related to narcotics and doping substances.” The announcement from the government agency added that the coins “were sold by the two cryptocurrency brokers selected by Customs through [the] competitive negotiated procedure in late spring.”

Meanwhile, the Finnish Customs revealed that roughly 90 BTC remains in its possession “awaiting a valid judgment of forfeiture.” At press time, Bitcoin trades at $22,500, leaving Tulli with $2.02 million worth of BTC.

The government agency also revealed that it seized other amounts but could not disclose the details of the recovered currencies due to the ongoing status of the investigation. However, it hinted that they are worth “hundreds of thousands of euros at most.”

Finland’s Finance Minister Annika Saarikko previously stated that the proceeds from the sale of seized Bitcoins would go to war-torn Ukraine. She added that the donation would be used for humanitarian aid and reconstruction.

Key Bitcoin Levels to Watch — July 24

Bitcoin posted a correction to the $22,000 support yesterday but rebounded cleanly off that line suggesting notable bullish support around that area. The benchmark cryptocurrency now approaches the $23,000 top ahead of the Asian session on Sunday.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

If the current momentum is anything to go by, we should record a bullish pick-up launching the price towards $24,000. This seems like the most likely move for BTC, given the distress plaguing the USD from its weak PMI report last week.

Meanwhile, my resistance levels are at $23,000, $24,000, and $25,000, and my key support levels are at $22,000, $21,000, and $20,000.

Total Market Capitalization: $1.05 trillion

Bitcoin Market Capitalization: $434.7 billion

Bitcoin Dominance: 41.5%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.