$75 million Seized Bitcoin to be used for donations

[teosanru]

Not only limiting it to bitcoin I think it's a great idea for almost every country around the world, the goods confiscated from any criminal must be redistributed among the ones who are needy and want any help. Talking about this Bitcoin donation I feel it's great, it'll bring back some extra bitcoin into circulation which were hacked and confiscated therefore were out from the system for a very long time.

[hyudien]

Also covered on Yahoo! News for anyone who would rather avoid that other site.

It's a nice gesture.  I'd assume the funds raised from sales of seized goods would normally go into public services for that nation, but Finland already has a fairly high standard of living when compared to some other places in Europe.  Guess they don't need the extra money right now.

With these donations you wouldn't think either countries need the help.
Finland and Sweden have just said today they are going to be joining the war efforts for Ukraine now even without needing membership with nato.

I believe that economic equality in Finland has really been resolved, and when they said they would join in to donate aid without waiting to become a member of NATO was a very good move. Moreover, Finland is indeed one of the countries that can be said to be prosperous in terms of economy. Their donations are not small.

[KaliLinux]

                                            NOTICE
PLEASE LET THE DISCUSSION BE LIMITED/FOCUSED ON THE NATURE OF THE DONATION AND TRY AS MUCH AS POSSIBLE TO AVOID DISCUSSING THE POLITICAL SENSITIVITY OF ANY WAR IN ANY REGION.
 It's no longer news how some countries around the world have seized large amounts of Bitcoin from proceeds of crime and legal battles which forced the owners of those Bitcoin to forfeit their Bitcoin to the government, and the government looking for better ways to spend the money that will have a direct impact on humanity, this has to lead the Finland government to donate $75 million worth of Bitcoin seized to support citizens of war troubled country and this has forced many in the online community to commend the action of the government as the importance of giving back to the society, proceed of crimes since most of those seized asset is either from hackers and money launderers who have stolen from the public.
Source: https://news.bitcoin.com/finland-to-donate-millions-of-dollars-from-sale-of-seized-bitcoin-to-ukraine

No question this is going to be a good gesture from the Finland government since the Ukrainian government on the other hand did already receive crypto donations in the past during the cause of the war. I believe this will also go further in helping the Ukrainian government with the much-needed funds and hope to hear most of those seized funds from other criminal players used in another good manner.

[Odusko]

Also covered on Yahoo! News for anyone who would rather avoid that other site.

It's a nice gesture.  I'd assume the funds raised from sales of seized goods would normally go into public services for that nation, but Finland already has a fairly high standard of living when compared to some other places in Europe.  Guess they don't need the extra money right now.

With these donations you wouldn't think either countries need the help.
Finland and Sweden have just said today they are going to be joining the war efforts for Ukraine now even without needing membership with nato.

I believe that economic equality in Finland has been resolved, and when they said they would join in to donate aid without waiting to become a member of NATO was a very good move. Moreover, Finland is indeed one of the countries that can be said to be prosperous in terms of economy. Their donations are not small.

Well in most ways yes Finland is doing well in terms of economic viability and the inflation rate in that country is very low since the Bitcoin is a seized one it will not have any direct impact on the Treasury, so the donation is seen and viewed as a kind gesture and in solidarity for humanitarian responsibility.

[hyudien]

Well in most ways yes Finland is doing well in terms of economic viability and the inflation rate in that country is very low since the Bitcoin is a seized one it will not have any direct impact on the Treasury, so the donation is seen and viewed as a kind gesture and in solidarity for humanitarian responsibility.

And one more thing that makes Finland a very peaceful country is the level of education which is an example of education in the world. I would not be surprised that Finland has such a very respectful attitude towards social assistance. This clearly has a good effect when a country identifies confiscated bitcoins, they must allocate it to the right channel.

[Pmalek]

I am just wondering. If the money was seized from scammers, which mean it was scammed from different victims. Wouldn't there be attempts to return the money to the victims first, instead of it sitting there doing nothing until some crisis comes up?

The coins don't originate from hacks and scams. One sentence in the source article mentions the money was seized from drug traffickers and similar criminals.

No my friend, Ukraine is only a humanitarian crisis that your media is allowed to cover.

I read a great comment by someone on Facebook that I memorized a few days ago. Some guy said: "if you are going to ban Russian tennis players from Wimbledon, you need to ban Israeli athletes from everything!"

All wars are awful. But if you think 60 days of war is bad, imagine 60 years of having your homes taken away from you little by little as your country keeps shrinking to a ghetto with full blessing and support by the West and the democratic powerhouses of today. Those same nations who condemn Russian actions turn their heads when you mention Palestine and they will continue to do so.

Has someone got these questions on how they are going to do that?

The article mentioned the coins will be converted to fiat and a part will be donated to Ukraine.   

[Mahanton]

Well in most ways yes Finland is doing well in terms of economic viability and the inflation rate in that country is very low since the Bitcoin is a seized one it will not have any direct impact on the Treasury, so the donation is seen and viewed as a kind gesture and in solidarity for humanitarian responsibility.

And one more thing that makes Finland a very peaceful country is the level of education which is an example of education in the world. I would not be surprised that Finland has such a very respectful attitude towards social assistance. This clearly has a good effect when a country identifies confiscated bitcoins, they must allocate it to the right channel.

For a country who does have a good economic state plus being not a corrupt ones then seeing these number or amount of bitcoins being seized wont really be ending up into their own pockets and just
like what others been saying on here is that it is really a good gesture where it is really that commendable on having these humanitarian kind of acts.
Its good that they are considering on giving or donating into those people who had been affected by the war.
   

[The Cryptovator]

Seized funds go to government funds and they could use them in any sector as they want. Since they want to donate to citizens who are in trouble due to war its always will be appreciated. No matter what is the country or nation. Humanity is above all of country and nations. As a part of the Bitcoin community, I am glad to see its Bitcoin donations. Spending Seized money for good things. It's better to return funds to the original owners if possible. But if not possible, then it's was a good decision.

[Gyfts]

This isn't necessarily a bad thing. Drug dealers and criminals have their assets seized all the time. Those assets might be sold or auctioned off, and any fiat currency that they have stashed away is confiscated to use as the government's direction. Don't see why Bitcoin would be any different -- a criminal is liable to forfeit of any assets associated or gained with their unlawful conduct. This should include any crypto earned unlawfully. At least least seized funds are being used for a worthy cause.

[Odusko]

Seized funds go to government funds and they could use them in any sector as they want. Since they want to donate to citizens who are in trouble due to war its always will be appreciated. No matter what is the country or nation. Humanity is above all of country and nations. As a part of the Bitcoin community, I am glad to see its Bitcoin donations. Spending Seized money for good things. It's better to return funds to the original owners if possible. But if not possible, then it was a good decision.

That is the spirit of humanity is above all and we must always give accolades to countries and organizations that involve themselves in active humanitarian services and giving help. the helpless must, especially those in a troubled region, and since the seized Bitcoin are proceeds of crime it is better to redistribute it back to the society and this is the best possible way to spend such funds. Finland acted in the best possible way at this moment of need.

[7788bitcoin]

It's no longer news how some countries around the world have seized large amounts of Bitcoin from proceeds of crime and legal battles which forced the owners of those Bitcoin to forfeit their Bitcoin to the government, and the government looking for better ways to spend the money that will have a direct impact on humanity, this has to lead the Finland government to donate $75 million worth of Bitcoin seized to support citizens of war troubled country and this has forced many in the online community to commend the action of the government as the importance of giving back to the society, proceed of crimes since most of those seized asset is either from hackers and money launderers who have stolen from the public.

Since you are talking about aide, many countries does that and it is not a huge news all the time. But now Finland is making donations in Bitcoin, it has become a front page news i believe. But if it is proceeds of crime, i would like to see them to return them to the default owners rather than giving away as aide. If it is laundered money then i do not have anything to say but if it is hacked then it should reach the owner rather than auctioning them off or give them as aide.

[yhiaali3]

This is a nice gesture from the Finnish government to provide the money confiscated from bitcoin in illegal operations such as money laundering and others to donate to the Ukrainian government, at least this money will be laundered in a legal and humane way, although we do not know of course if the bitcoin money confiscated by the government Finnish money is really illegal, because some governments that do not accept Bitcoin consider any activity of users to be illegal, when in fact it is not!!!

[Asiska02]

I don’t really know how this government people do things. You banned something and said it is illegal, it’s okay to hear that. Now seizing the money from people that were involved in transacting with it whether illegally or not. We agreed that a law is meant to be abide by. But now the question is why would they use the money to support humanitarian victims and do it publicly with an illegally seized money from people. It’s okay to use the money for the sake of humanity, but why publicly if they don’t want to be giving credit for it.

[DooMAD]

i would like to see them to return them to the default owners rather than giving away as aide. If it is laundered money then i do not have anything to say but if it is hacked then it should reach the owner rather than auctioning them off or give them as aide.

I'm afraid I don't see it that way.  Mostly because the protocol you're using doesn't see it that way either. 

The "owner" is the one who holds the private key.  If you left funds on an exchange, you are not the "owner" of anything.  People need to reevaluate their concept of ownership when they use Bitcoin.  You shouldn't expect authorities to step in and restore what was foolishly given away. 

It might sound harsh, but I'm glad Finland aren't giving this money to exchanges.  Because that would only embolden more fools to sign their money over to someone else with the expectation that it would be returned if anything goes wrong.  And that's not how this works.

You forfeit your ownership when you sign coins over to someone else.

[RILWAN]

To a great extent this is a good move and thanks for sharing this piece of news with us here, if money recovered from scammers can be used for charity it will be a good way to give back to the society since the original owners of the money could no longer be traced.

[Odusko]

It's no longer news how some countries around the world have seized large amounts of Bitcoin from proceeds of crime and legal battles which forced the owners of those Bitcoin to forfeit their Bitcoin to the government, and the government looking for better ways to spend the money that will have a direct impact on humanity, this has to lead the Finland government to donate $75 million worth of Bitcoin seized to support citizens of war troubled country and this has forced many in the online community to commend the action of the government as the importance of giving back to the society, proceed of crimes since most of those seized asset is either from hackers and money launderers who have stolen from the public.

Since you are talking about aide, many countries does that and it is not a huge news all the time. But now Finland is making donations in Bitcoin, it has become a front page news i believe. But if it is proceeds of crime, i would like to see them to return them to the default owners rather than giving away as aide. If it is laundered money then i do not have anything to say but if it is hacked then it should reach the owner rather than auctioning them off or give them as aid.

I guess and thought as much but the question is what if the default owners can't be traced and the funds are now in the custody of the law enforcement agencies, the best to do is to donate it to charity at this wartime to support those in need of relief material. Well since this is a Bitcoin forum the news makes sense to us because it will help to update members here about the donations, and one can use the information for personal purposes such as research and records.