Bulgaria’s Bitcoin Hoard Could Overtake UK’s Gold Reserves – Trustnodes

Bulgaria’s Bitcoin Hoard Could Overtake UK’s Gold Reserves

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Bulgaria is sitting on 200,000 bitcoins seized from a criminal gang in May 2017 according to a then press release by the Southeast European Law Enforcement Centre.

“More than 200,000 bitcoins in value of 500 million USD found by the Bulgarian authorities,” it says, adding:

“It was determined that the members of the organized crime group invested the money obtained from these illegal activities in bitcoins, around 200,000 being discovered in the virtual space.”

They provide little further detail of how these coins were found, but the statement says:

“Authorities have searched more than 100 addresses, suspects and vehicles. A large quantity of money was seized, as well as equipment, devices for communication, computers, tablets, bank documents, etc. 23 suspects were arrested, 5 of them acting as Bulgarian Customs officers.”

The private keys therefore presumably were in one of these computers, but Bulgarian authorities have refused to reveal the public addresses, citing on-going investigation.

Currently there is no one bitcoin address that holds more than 120,000 bitcoins, but of course bitcoins can be held in different addresses as is most probably the case here.

Since this was May 2017, it means the authorities also have 213,519 bitcoin cash.

In combination, they’re currently worth $1.7 billion. If bitcoin 10xes from here, as it is known to do sometime, Bulgaria would have more in bitcoin reserves, circa $17 billion, than Britain has in gold reserves which are estimated to be at $12.8 billion.

In contrast, USA’s government sold its trove of 144,336 bitcoin in 2015-16 for very cheap at just $50 million.

Right now they’d be worth $1.1 billion without even adding bitcoin cash and all the other bitcoin forks.

Bulgaria has perhaps learned from that and they’re maybe keeping these bitcoins. That means their fiat money is backed by bitcoin, as well as gold and other fiat reserves they might have.

Copyrights Trustnodes.com

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Mladen Milev
May 20, 2019 6:28 pm

As Bulgarian I do not think the ruling government has planned this action, but it is pure result of corrupted and slow justice system.

It will be very interesting to see the result from the trial and who the final owner of the crypto currency will be.

Random Bulgarian
May 20, 2019 10:02 pm

Actually the government covered this and hold the country in dark for months. They also refused to state if these Bitcoins are actually real. The reason is that they just splitted the bitcoins among a group of corrupted private security agencies and politicians. Also, right in the same time, banks were ordered to block all fiat transactions in and out when the transfers were related to cryptocurrency websites, which was completely against their customers contact and again operated in the dark. So gg with finding what really happened with these bitcoins. Probably that is the reason our prime minister(Boyko Borisov)… Read more »

go4eto
May 20, 2019 10:22 pm

Bulgarian dark games

Kirile
May 23, 2019 5:38 pm

Scamming politicians we have. Our country could be amazing place if those money are invested in it…