Australian Authorities Seize BTC Scammer’s Bitcoin Profit

Australian authorities seized up to $4,995 after seizing the bitcoin to cash profits of a man who conducted crypto scams and used his earnings to purchase three weapons as we are reading further in the Bitcoin scams news.

The Australia Federal Police’s latest annual reports highlight the bust which granted them a total of 2000 percent profit and in it, the Australian authorities sized bitcoin worth approximately AUD7, 300. Despite claiming they had seized the Bitcoins three years ago, it seems that the officials had only secured the gunman’s public key. In other words, they had secured nothing more since the public keys by definition are available to anyone. In 2018, the AEP finally managed to access the wallet after ‘’protracted negotiations’’ saw the criminal forge his private keys. By that time, the man turned the bust into a hefty $105,500 investment.

The same year the Australian authorities published a confusing guide under the name ‘’Better practice on identifying, seized and restraining cryptocurrencies’’ where it was written:

 “It was deposited into the Commonwealth’s Confiscated Assets Account. This was the first restraint and forfeiture of bitcoin by the AFP.”

The man refused to hand over his private keys but it ultimately turned out to be a massive boon for the police and then they could easily be described as unwitting Bitcoin benefactors. The gains were so huge that one local report claims that Australia’s financial administrators may have to improve the skills of their staff in coin management and cryptocurrency trading. The prices do not go up in a straight line, of course, so the seizure was fortuitous in the light of the Bitcoin bull market in 2016 and 2017 in particular.

Despite the cashing out, it is still very hard to tell which avenue would have been the most profitable for the authorities. The U.K police also recently auctioned more than $662,000 worth of confiscated Bitcoin which is the first time for the country. The smart money, however, should be hold on to. As Tim Draper did and successfully made a profit of about $89 million in the five years since buying Bitcoin in bulk from the 2014 auction.