Bulgaria to Pay Off a fifth of National Debt with Seized Bitcoin

Seized bitcoin to settle National debt – Bulgaria

0 474

An underground crime network has been busted by the Bulgarian crime enforcement agency and the Southeast European Law Enforcement Center. The Bulgarian government has seized Bitcoin sufficient enough to pay off a fifth of its national debt during this operation.

According to ZeroHedge, the Bulgarian crime enforcement agency and the Southeast European Law Enforcement Center caught 23 Bulgarian criminals and seized a total of 213,519 Bitcoins, which worth almost $3.5 billion at current bitcoin value.

The underground crime network had successfully hacked into the Bulgarian customs computers, enabling them to effectively import goods without paying the prescribed duties. More so, with help from a few corrupt custom officials, the syndicate were able to install viruses on customs computers in order to allow remote access.

Southeast European Law Enforcement Center said the group included five Bulgarian customs officials, while others had ties to formera Yugoslavian states.

According to SELC “The organized criminal group consisted of Bulgarian nationals with connections in the former Yugoslav Republic of Macedonia, Greece, Romania, and Serbia.”

The most interesting fact about this story is the amazing value of the seized Bitcoin and what the Bulgarian government plans to do with the seized Bitcoin. SELC confirmed that they seized the wallets when Bitcoin was priced at $2354. Now bitcoin is well past the $16k.

“As well, found in the Bitcoin wallets of the main suspects was a total of 213,519 Bitcoins. As reference, the value of one Bitcoin is over $2354. The offenders choose Bitcoin’s way of investing/saving the money because it’s rather difficult to be tracked and followed.”

According to National Debt Clock, Bulgaria has incurred a national debt which worth $16 billion. So they could pay out some big amount with their new Bitcoin fortune.

You might also like
Comments
Loading...