How we exchanged 6.4 million euros seized by the Lithuanian government in 12 hours

How we exchanged 6.4 million euros seized by the Lithuanian government in 12 hours

Dec 15th, 2022

Cryptocurrency is one of the most popular means of payment and investment tools. Digital money, which is based on blockchain technology, is not tied to a central authority that manages and maintains its value — it is regulated by cryptocurrency users via Internet transactions.

Cryptocurrency does not require intermediaries and all transactions take place instantly, even the cross-boarder ones. However, despite the anonymity of cryptocurrency, it still leaves a digital footprint, which can be decrypted to trace the financial transactions of real users.

In 2020, for the first time in the country’s history, the State Tax Inspectorate of Lithuania sold confiscated cryptocurrency assets and replenished the state budget with the proceeds. This cryptocurrency exchange took place through our company’s platform.

On the eve of the exchange

The process began with the announcement of a public competition for cryptocurrency exchange. Our company met the requirements of the public procurement tender and had a significant track record of cryptocurrency trading in large volumes.

We offered the most favorable conditions and passed all stages of checks, which confirmed the legality of our activity. Thanks to this, we won the competition and signed an agreement with the State Tax Inspectorate of Lithuania.

Exchange of confiscated crypto-assets

At the time of the conclusion of the contract, cryptocurrency prices were at record high levels. This made it possible to exchange the confiscated cryptocurrency in less than a day — the duration of trading was about 12 hours.

Our company managed to raise the maximum amount of funds — 6.4 million euros. Subsequently, this amount was used to replenish the state budget of Lithuania.

About trading in numbers

At the auction, we sold about 337 bitcoins, 360 ethers and almost 12,000 moneros. Each cryptocurrency was sold at the market price on the day of trading: one bitcoin cost €15,100, one ether €400, and one monero €99.6.

We plan to continue working on similar cryptocurrency deals with Lithuanian institutions to support the Lithuanian government in the field of e-money.

Public trust: what it means for Kaiserex

Considering that the sales process was new for the State Tax Inspectorate of Lithuania, we are proud that our company was chosen as the supplier. This deal proved that Kaiserex is the flagship of the Lithuanian cryptocurrency market, trusted at the state level.

We are ready to continue to provide the best conditions for cryptocurrency exchange and are open to cooperation with clients from all over Europe.