Title: [2017/02/07] Chicago Suburb To Sell $10,000 in Bitcoins Seized From Criminals Post by: bitlamp on February 07, 2017, 06:45:30 PM Vernon Hills, Illinois, a Chicago suburb, will sell $10,000 worth of bitcoins that police seized from criminals, according to The Chicago Tribune. The bitcoins were seized during joint police investigations with federal authorities.
Village trustees authorized Nikki Larson, the village finance director, to begin the process of selling the bitcoins. Police did not reveal details of the investigation. Bitcoins Swapped For Dollars Since the village does not have use for the bitcoins, Larson recommended that the village accept its share of the confiscated bitcoins and convert them into U.S. currency. The village will create a Coinbase account, which Larson characterized as a police-friendly online depository. The trustees authorized Larson to create a regular bank account to link with the Coinbase account and sell the bitcoins. The proceeds from the sale will go to the police department’s asset forfeiture account. Larson said bitcoin sells at prices fluctuating daily between $700 and $900 per coin. Larson also said a second bitcoin sale is likely later this year because the police are conducting another online criminal investigation. https://www.cryptocoinsnews.com/chicago-suburb-to-sell-10000-worth-of-bitcoins-seized-from-criminals/ (https://www.cryptocoinsnews.com/chicago-suburb-to-sell-10000-worth-of-bitcoins-seized-from-criminals/) Title: Re: [07/02/2017] Chicago Suburb To Sell $10,000 in Bitcoins Seized From Criminals Post by: Coin-Keeper on February 07, 2017, 09:04:37 PM Think those coins have any "taint"? LOL! It might be a good buy if they would save 100 per BTC, but I bet they go for virtually full price. Fun to watch though!
Title: Re: [07/02/2017] Chicago Suburb To Sell $10,000 in Bitcoins Seized From Criminals Post by: Winner on February 07, 2017, 11:29:38 PM Hi bitlamp,
thanks for that article, it made me think about somethings. First, I do think that is pretty bad + ridiculous that someone could just take someones money and sell it off to the public without any remorse (It shouldn't matter if the person was a criminal or not). Second, although this is the second point it is the most important. SECURE THE COINS! How hard is it to just encrypt a wallet and hide it somewhere before someone tries taking it and claiming it as theirs. Bitcoin.com has the instructions on how to do that: Code: https://bitcoin.org/en/secure-your-wallet From Bitcoin.com: Code: Encrypt your wallet Have encrypted wallet backups as well. Title: Re: [2017/02/07] Chicago Suburb To Sell $10,000 in Bitcoins Seized From Criminals Post by: naidray on February 11, 2017, 12:12:54 PM Vernon Hills, Illinois, a Chicago suburb, will sell $10,000 worth of bitcoins that police seized from criminals, according to The Chicago Tribune. The bitcoins were seized during joint police investigations with federal authorities. These criminals are definitely not the first to be raided and have their bitcoins kept. I remember when Silk Road was taken down, and all of those bitcoins were seized. The Chicago Police should definitely save some of the bitcoins, for drug stings, and to possibly make a profit. If they held the coins for a year, when Bitcoin is expected to hit $2000, the police department would have made a large profit lol Village trustees authorized Nikki Larson, the village finance director, to begin the process of selling the bitcoins. Police did not reveal details of the investigation. Bitcoins Swapped For Dollars Since the village does not have use for the bitcoins, Larson recommended that the village accept its share of the confiscated bitcoins and convert them into U.S. currency. The village will create a Coinbase account, which Larson characterized as a police-friendly online depository. The trustees authorized Larson to create a regular bank account to link with the Coinbase account and sell the bitcoins. The proceeds from the sale will go to the police department’s asset forfeiture account. Larson said bitcoin sells at prices fluctuating daily between $700 and $900 per coin. Larson also said a second bitcoin sale is likely later this year because the police are conducting another online criminal investigation. https://www.cryptocoinsnews.com/chicago-suburb-to-sell-10000-worth-of-bitcoins-seized-from-criminals/ (https://www.cryptocoinsnews.com/chicago-suburb-to-sell-10000-worth-of-bitcoins-seized-from-criminals/) Title: Re: [2017/02/07] Chicago Suburb To Sell $10,000 in Bitcoins Seized From Criminals Post by: TraderTimm on February 11, 2017, 03:29:07 PM I'm sure their 9.91 BTC will be eaten up in a flash.
This is a non-event, from a market standpoint. Most piles of bids or asks are beyond the 1,000 BTC range. (At least those that have any effect on how price behaves.) |