New Jersey County Liquidates Bitcoin Seized in 2018, Profiting Almost 300%

New Jersey County Liquidates Bitcoin Seized in 2018, Profiting Almost 300%


Individuals and companies are not the only ones who take advantage of the significant bitcoin prices surging across the board, despite recent pullbacks. In New Jersey, United States, a county yielded profits after liquidating seized cryptocurrencies during a drug investigation.

Authorities Gained Control of the Cryptos in 2019

According to NBC New York, local authorities from Monmouth County got the bitcoin (BTC) during a raid in the context of an illegal narcotics distribution crackdown in 2018. Investigators found that such digital assets were part of the profits gained by the criminals due to its drug sales.

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Approximately, the county netted 300% in profits from the liquidation when BTC was exchanging hands around the $57,000 threshold, selling it at around $198,000, said the media outlet.

Per the report, in 2019, the county filed a forfeiture complaint after the suspect pleaded guilty. That said, the county gained ownership of the seized crypto. Christopher Gramiccioni, the prosecutor from the Monmouth County Prosecutor’s

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