Jailed Drug Dealer caught in Sweden now has to be paid $1.5Million in Bitcoin because of price spike during his jail time.
After being caught by the authorities for illegally selling drugs online using Bitcoin and earning nearly 36 Bitcoin, the government of Sweden had sent the prisoner to jail, where he has spent nearly two years as of now. As time passed by, in those two years, the price of Bitcoin had managed to swell to insane levels. The prosecutor of the case, Tove Kullberg had no clue about the value of Bitcoin, so she decided to proceed with the case in standard fiat format of currency. The 36 Bitcoin that the drug dealer had managed to earn online were worth about $100,000 at the time his assets were seized, and now that the price has reached an insane level, that same amount of Bitcoin is now worth millions.
The main issue here is that the $100,000 settlement that was agreed before is now worth only 3 Bitcoin, so now the government of Sweden has to return the 33 Bitcoin back to the prisoner, which is now worth nearly 1.5Milllion bucks in value. If the government had managed to deal with the 36 Bitcoin back at the time of the dealer’s capture, this wouldn’t have happened. But the thing is that the persecutor is also to be held responsible for ignoring Bitcoin’s value.
The Prosecutor’s Response
During an interview regarding the issue, prosecutor Tove Kullberg said that the settlement in standard fiat currency was a complete mistake and now has led to this massive issue that she wasn’t able to understand during those times. Kullberg mentioned that there is a huge lesson to be learned that the value of Bitcoin should be taken into great consideration when dealing in these kinds of cases.
Tove added that this was probably the first time that a case in Sweden had involved Bitcoin. Tove instead suggested that the government should focus on providing prosecutors like her information and education about cryptocurrencies and how they should be handled in court matters. Tove said that the better the level of knowledge and education is provided, the lesser mistakes will be made in the future.