$75 million Seized Bitcoin to be used for donations

[Odusko]

                                            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

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[DooMAD]

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.

[Welsh]

Good. I don't think there's any particular significance in it involving Bitcoin, but its always good to see humanitarian aid being supported.

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.

They'll definitely be looking to reinvest that money in their own country given different circumstances, but we're in unprecedented times with the war in the East. I do believe it's one of the worst humanitarian crisis' of recent memory, and I'm all in support for trying to help at least reduce it. Although, sadly likely to be a drop in the ocean, even though it's a lot of money. However, I don't think anyone is going to be against this going the humanitarian aid.

I know this is to a much lesser extent, but typically seized assets get sold or reinvested. I know that police stations around here sell unclaimed stolen goods via auctions, and I believe the proceeds are either donated or used for direct repairs to the police's fleet or buildings. Might be wrong on the latter part of that, though.

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

On a side note, never thought I'd be willing to pick Yahoo over any other site .

[coupable]

Good. I don't think there's any particular significance in it involving Bitcoin, but its always good to see humanitarian aid being supported.

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.

They'll definitely be looking to reinvest that money in their own country given different circumstances, but we're in unprecedented times with the war in the East. I do believe it's one of the worst humanitarian crisis' of recent memory, and I'm all in support for trying to help at least reduce it. Although, sadly likely to be a drop in the ocean, even though it's a lot of money. However, I don't think anyone is going to be against this going the humanitarian aid.

I'm not against humanitarian aid to Ukraine during the crisis. Except the money collected from money laundering, the seized money should belong to investors and users who has their money stolen from exchanges and different online services. From another part, this can be also seen as another way to reinvest the seized money by donating them to Ukraine, after the war all those countries who helped it out will have more chances to win investment opportunities and deals.
Again, am not against humanitarian aid for counties in need and that convinced that we should all fight against the Russian plan to invade the world .

[rdbase]

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.

[Welsh]

I'm not against humanitarian aid to Ukraine during the crisis. Except the money collected from money laundering, the seized money should belong to investors and users who has their money stolen from exchanges and different online services. From another part, this can be also seen as another way to reinvest the seized money by donating them to Ukraine, after the war all those countries who helped it out will have more chances to win investment opportunities and deals.
 .

Not sure I agree with it personally, I believe that the humanitarian crisis is a much more pressing issue than investors losing their money. Ultimately, my counter argument to your view would be; the investors should have known not to store a large amount of money on those exchanges. I know that sounds awful, and like I don't have any sympathy at all, but I do. I would hate for it to happen to me, and no doubt I would be absolutely enraged. However, I do believe that the humanitarian crisis we are seeing, couldn't have been avoided by the average person, where as the investors could have or at the very least mitigated it. It's besides the point though, the situations aren't comparable.

However, I do agree with your latter part. I do believe that some countries will no doubt be taking this approach to further better themselves in the West in the future. However, this particular situation I think is a little different, since they aren't supporting the war on either side, instead they're focusing on the humanitarian aid which quite frankly is the crisis at the moment. Despite, what anyone thinks about the war, (I'm most certainly anti war) I think all sides can agree the humanitarian crisis right now is absolutely awful.

[Quidat]

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

Although im bit skeptical when it comes to these kind of gestures or acts from government but it seems that they are just doing that because recovered stolen funds isnt something that they are the ones
who would benefit out because we know that everything could be seen on chain on which they would really be gaining some issues if they are the ones who would really be benefiting out those funds.
Even though this hunch of mine telling me that they do just end up on that decision since they dont have that choice or im just too dumb or paranoid on how government
do really love to make some shows? 

[logfiles]

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?
Or is the Government trying to take credit for donating money to war victims?

[SatoPrincess]

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?
Or is the Government trying to take credit for donating money to war victims?

You hit the nail on the head. The ideal recipient or beneficiary of that money recovered should be the victims who lost their money, time, had their feelings toyed with, mind distorted by these scammers. Hardworking men and women were unfortunately screwed by scammers to get this money, the right thing is to give it back. The problem would be identifying the scam victims but I believe the government can find a system to sort it out.

[jossiel]

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?
Or is the Government trying to take credit for donating money to war victims?

The same thoughts, we'll just take a guess that they've made efforts of contacting and at least send it back to the victims.

The problem would be identifying the scam victims but I believe the government can find a system to sort it out.

There is but if there are no reports then this is where it's going and it's actually a good decision. Well, they're thinking of others on this as well and if there are no claims, that's how they'll just give it back to the people.

We can just look at it that it's placed into a good use that everyone is agreeing with.

[Argoo]

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.

In connection with Russia's large-scale military attack on Ukraine and the threat of an attack on European countries, Finland and Sweden have declared their readiness to join the NATO alliance and this should happen in June this year. Also, about 40 states of the world expressed their desire to help Ukraine in its unequal struggle against Russian aggressors with weapons, money, food and other necessary assistance. Finland and Sweden are also among these countries.
Of course, it would be a good idea to send the funds confiscated as criminals to Ukraine, where Russian soldiers deliberately destroy civilian infrastructure with rockets and artillery, seeking to cause maximum damage to the Ukrainian economy.

[worle1bm]

Actually the thing is they are not going to donate the full amount they will get from selling off the bitcoins worth $75 million as some sale proceeds will be donated around $10 million in btc to Ukraine government according to me as i have read about it somewhere.They will still have some left as they have around 1900 btc in their custody but they have made this decision.This is good move to help the Ukraine in this time and they are doing great by providing some financial assistance.

[pooya87]

I do believe it's one of the worst humanitarian crisis' of recent memory

No my friend, Ukraine is only a humanitarian crisis that your media is allowed to cover. Otherwise it has to go on for 8 more years, 13313 women and children have to die or be maimed, 5.5 million children have to suffer severe starvation, cholera has to spread all over the country due to water crisis, hundreds of thousands of houses, schools, farms, churches and infrastructure have to be destroyed, and last but not least the Ukrainian resistance against the Russian invasion have to be referred to as terrorists for Ukraine to even enter the top 10 worse "humanitarian crisis in recent memory" list.

Until then, Yemen that is still suffering an 8-year invasion by Arab-US coalition holds that title. https://www.unicef.org/emergencies/yemen-crisis

[so98nn]

That is good one. I am not sure how they gonna donate it to the peeps because since this one is in the crypto format! They might have to convert that much money into the fiat and then go for the donations isn't it unless and until it is crypto free country. Plus if they are going to pay in the crypto then they will need to collect the addresses or generate one with private keys in their possession. Has someone got these questions on how they are going to do that?

For fiat usually the donations goes directly into the bank accounts of affected peeps. So just having normal thoughts about it. But apart from this its really good gesture.

[DapanasFruit]

I am seeing the virtue of this move by Finland to donate proceeds from seized Bitcoin to Ukraine as a way to help that country in its defense against the evil invasion by Russia. Rather than the asset just gathering digital dust, it would be good to put it to use and what a better way to be humane right now than helping a besieged country by an aggressor. I think USA has some Bitcoin too under its control seized from people and organizations involved in illegal business...that should be liquidated and be donated to Ukraine too - just a suggestion, anyway.

[kryptqnick]

Wow, I actually haven't heard of this news. I think it's very nice when seized money from criminals goes to help some people. I believe that if it's the money people lost due to being scammed, they should be the ones to receive it, as they are direct victims. If it's money from some illegal operations, but not the money stolen from others, it makes sense for governments to repurpose the money as they see fit. They can use it for their own people or, if they want, for someone else who is in need. Ukraine accepts crypto donations, though (I mean, officially), so there's no need to sell it for euros unless it's for a specific organization which does not accept cryptos.

[traderethereum]

It is a good way to donate bitcoins to citizens of war troubled countries because it will support them in their survival.
If citizens can feel the benefits of the assistance, they will surely comply with the government's wishes and the government can gain the trust of the citizens of that country.
It would be like the money from hackers and money launderers to give back to people in need, and they could get something.
I think it will be better than other things because the humanitarian factor is necessary here, considering that many citizens still have war problems.

[bitzizzix]

If it's still confiscated, somehow the fate of bitcoin for the next, so I think donating it to those in need due to war or disaster is much better and very useful for those in need because the misery of war is so scary.

somehow they do it to make a donation via fiat or crypto, what is important is to donate it to the victims who really need it according to the amount donated.

[SpenserReed]

                                            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

Why coudn't they hodl this BTCs for the future and donate just $$$? I think if assets are seized they belong to the government and have certain value.

[Odusko]

Why coudn't they hodl this BTCs for the future and donate just $$$? I think if assets are seized they belong to the government and have a certain value.

The fact is the government just sees this as an avenue to depose the seized asset and since the Bitcoin is not forfeited to the government there has the total right to do whatever their wish with the Bitcoin as long as it goes through the right process and is verifiable. The government may not want to keep the bitcoins because of the fact that their hate the idea behind decentralization they can't stop it. But since the Bitcoin is gotten illegally and seized by the government I see the charity as a good move since is for humanitarian purpose.

[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.