New Jersey’s county seized crypto – gained over 250%

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Webonanza - Analysis & News You Can Use

Individuals and organizations are not the only ones profiting from the crypto industry. The latest addition to the growing list of crypto profiteers is Monmouth county in New Jersey, United States, who, through the office of the prosecutor, announced that crypto-assets seized in 2018 had generated a gain of 250 percent for them.

According to the announcement, the county made the seizures during "two separate cases originating in 2017 and 2018" of drug busts. The authorities, after investigations, had frozen the digital assets on Coinbase after it was discovered that the funds were profits of illegal drug sales.

As of 2018, the seized digital assets were worth $57,000 and were sold for $198,237. This means that the authorities gained over $140,000 from the liquidation of the assets.

The authorities did not provide further details about the seized cryptos. However, since then, the value of different crypto assets has increased mainly due to the public's renewed interest in the industry.

Bitcoin, for example, was trading for around $3200 as of December 2018. Presently, its value is above $50k after it had reached an ATH above $60k. Ethereum had also recently surged above $2700. Then, it was exchanging hands for $100.

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