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Crypto drugdealer awarded £1.1M by judge after cops seized his Bitcoin and it rockets TEN times in value while in prison

A CRYPTO drugdealer was awarded £1.1m by a judge after cops seized his Bitcoin that rocketed to ten times its value while he was locked up.

The embarrassing ruling could open the door to similar cases as crypto thugs try to claw back their illegal earnings.

Sweden's government is being forced to repay the entire £1.1m

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Sweden’s government is being forced to repay the entire £1.1m

The man – who has not been named – was jailed in Sweden in 2019 and his Bitcoin auctioned off, which at the time was worth around £100,000 (1.3m Swedish kronor).

He admitted to buying the crypto with funds he through illegal online drug deals.

But by the time Swedish authorities began selling all 36 Bitcoin, they had appreciated in value tenfold, meaning they only had to sell three Bitcoin to satisfy the court’s ruling, according to The Telegraph,

Tove Kullberg, who successfully litigated to have the man stripped of his crypto stash during his arrest, said there were “lessons to be learned” from the humiliating saga.

“The lesson to be learned from this is to keep the value in Bitcoin, that the profit from the crime should be 36 bitcoin, regardless of what value the bitcoin has at the time,” she said.

This comes as billions of pounds worth of cash in the form of crypto is being scooped up by hackers and scams across the world.

Brazen billionaire brothers Raees Cajee, 21, and Ameer, 18 fled South Africa in April after telling investors their company, Africrypt, had been hacked and all £2.5bn in crypto stolen.

But an investigation by cops found the brothers had sold their Lamborghini Huracan, and two luxury properties weeks before their disappearance and later wrote an oddly-worded email begging investors not to alert authorities because it would “delay” the retrieval of money.

Dr Ruja the “Cyrptoqueen” Ignatove is another case; she purloined $4billion by convicting investors to buy her new crypto called “OneCoin”, which turned out to be a pyramid scheme.

Meanwhile, North Korea is suspected to have carried out around $2billion worth of crypto hacks as they scoop up the coins to prop up Kim Jong-un’s failing state.

Kim Jong-un's state backed hackers are believed to have stolen $2billion in crypto

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Kim Jong-un’s state backed hackers are believed to have stolen $2billion in cryptoCredit: AP

LICKING OUR WOUNDS

Because cyptocurrencies were relatively new at the time of the arrest, there was no precedence in Swedish law on how to deal Bitcoin profits in court.

Kullberg hopes with education, these mistakes won’t be repeated in the future.

“I think we should probably invest in an internal education in the [prosecution] authority, as cryptocurrency will be a factor we’ll be dealing with to a much greater extent than we are today.

“The more we increase the level of knowledge within the organization, the fewer mistakes we will make.”

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