[2017-12-9] Bulgaria Government Shocked To Discover It Owns $3 Billion In BTC

[Samarkand]

Bulgaria’s GDP is about $52.4 billion (2016), so it is quite a shock that the Bulgarian Government is sitting on
an approximate $3 billion worth of Bitcoins seized in an anti-corruption operation back in May.

Putting this into a little more glaring context, Bulgaria is holding 18% of the national debt in bitcoins.

Bulgarian law enforcement jointly worked with the Southeast European Law Enforcement Center (SELC), a regional organization comprised of 12 member states,
to bust a sophisticated organized-crime network, arresting twenty-three Bulgarian nationals and seizing a total of 213,519 bitcoins.

...

Full article at Zerohedge:
http://www.zerohedge.com/news/2017-12-08/bulgaria-government-shocked-discover-it-owns-3-billion-bitcoin


Fascinating read!

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[pixie85]

I didn't know there was a Bitcoin crime syndicate operating in Bulgaria, or at least there was one. We can expect the government to auction it off pretty soon. I believe they aren't holders or speculators and will want to get cash for it as soon as possible.

[alani123]

Wait, do we know that other countries in that operation also own bitcoin? It'd be interesting to know which state governments are in possession of bitcoin. With some blockchain detective work it might even be possible too look into the assets and how governments keep them.

[Zicadis]

Something fishy about this why would the organized criminal group keep all their stash in one wallet..for a group of hackers no words ? unless there is more which hasn't been disclosed or someone sold them out from the beginning! Anyway something positive from this, the government gets a chance to improve its computer systems after it was compromised just hope they don't dump those bitcoins in their possession.

[uslfd]

If this is true.... if they sell of their BTC, BTC price will crash at least 20% overnight   
Lets hope this happens!!! because I really want some cheap coins!

[Samarkand]

Something fishy about this why would the organized criminal group keep all their stash in one wallet..for a group of hackers no words ? unless there is more which hasn't been disclosed or someone sold them out from the beginning! Anyway something positive from this, the government gets a chance to improve its computer systems after it was compromised just hope they don't dump those bitcoins in their possession.

Where did you read that the criminal operation kept all BTC in one wallet?
They probably seized several wallets and the amount mentioned in the Zerohedge
article is the total confiscated amount.

However, it is probably going to be difficult to liquidate a big position like this
at these price levels. Back in the day when the US ran the auction for the Silk Road
coins, BTC price was a lot lower.

Let´s hope they put the money raised by selling the BTC to some good use and the money
doesn´t trickle away in the bureaucracy of the Bulgarian government.

[Remember remember the 5th of November]

I didn't know there was a Bitcoin crime syndicate operating in Bulgaria, or at least there was one. We can expect the government to auction it off pretty soon. I believe they aren't holders or speculators and will want to get cash for it as soon as possible.

Trust me, our government is super computer illiterate. There is a high possibility they will f*ck it all up, either by sending the money to a different address or wiping the HDD.

There used to be a meme circulating where a court order requested a computer with MAC address 255.255.255.0 to be seized.

[iamTom123]

Bulgaria’s GDP is about $52.4 billion (2016), so it is quite a shock that the Bulgarian Government is sitting on
an approximate $3 billion worth of Bitcoins seized in an anti-corruption operation back in May. Putting this into a little more glaring context, Bulgaria is holding 18% of the national debt in bitcoins. Bulgarian law enforcement jointly worked with the Southeast European Law Enforcement Center (SELC), a regional organization comprised of 12 member states,
to bust a sophisticated organized-crime network, arresting twenty-three Bulgarian nationals and seizing a total of 213,519 bitcoins. Full article at Zerohedge: http://www.zerohedge.com/news/2017-12-08/bulgaria-government-shocked-discover-it-owns-3-billion-bitcoin Fascinating read!

That is quite a fascinating story indeed and the government must have been so ecstatic realizing that they have an asset they can sell for billions of dollar anytime they want to. I am hoping that the government will use the proceeds (in case they will decide to sell) for programs meant to benefit the people  and not allow anyone to use for any other purpose or worst let the money go to corrupt officials. This is just like an unforeseen blessing for them and they should use the money that make many people smile. This should also be serving as a great warning for anyone or any organization not to utilize Bitcoin for any criminal activity as the government still has the power to confiscate the cryptocurrency used illegally. At the same time, the government has to make that any such an operation must be above board and not use their power to commit another illegal act. Congrats to Bulgaria!!

[Remember remember the 5th of November]

Bulgaria’s GDP is about $52.4 billion (2016), so it is quite a shock that the Bulgarian Government is sitting on
an approximate $3 billion worth of Bitcoins seized in an anti-corruption operation back in May. Putting this into a little more glaring context, Bulgaria is holding 18% of the national debt in bitcoins. Bulgarian law enforcement jointly worked with the Southeast European Law Enforcement Center (SELC), a regional organization comprised of 12 member states,
to bust a sophisticated organized-crime network, arresting twenty-three Bulgarian nationals and seizing a total of 213,519 bitcoins. Full article at Zerohedge: http://www.zerohedge.com/news/2017-12-08/bulgaria-government-shocked-discover-it-owns-3-billion-bitcoin Fascinating read!

That is quite a fascinating story indeed and the government must have been so ecstatic realizing that they have an asset they can sell for billions of dollar anytime they want to. I am hoping that the government will use the proceeds (in case they will decide to sell) for programs meant to benefit the people  and not allow anyone to use for any other purpose or worst let the money go to corrupt officials. This is just like an unforeseen blessing for them and they should use the money that make many people smile. This should also be serving as a great warning for anyone or any organization not to utilize Bitcoin for any criminal activity as the government still has the power to confiscate the cryptocurrency used illegally. At the same time, the government has to make that any such an operation must be above board and not use their power to commit another illegal act. Congrats to Bulgaria!!

They will not. Our country is corrupt as as they come. The money will go to the politicians, buying expensive cars and whatnot, while leaving most of the population that is already living at the poverty line even more poor.