Blockchain expert: Most crypto not illegal, some who take advantage

Author
Newstalk ZB,
Publish Date
Fri, 9 Jul 2021, 8:21AM
(Photo / AP)
(Photo / AP)

Blockchain expert: Most crypto not illegal, some who take advantage

Author
Newstalk ZB,
Publish Date
Fri, 9 Jul 2021, 8:21AM

Tens of millions of dollars of cryptocurrency is being seized from criminals and then being sold on by the Government.

Newstalk ZB can reveal it's made roughly 30-million from selling what's been confiscated in busts.

The vast majority of crypto was seized in the 2019/2020 years.

Auckland University blockchain expert Alex Sims told Mike Hosking the problem is if the currency has been acquired through illegal gain.

“So if someone in New Zealand got it from selling copyright infringing material or some ransomware.”

Once the cryptocurrency's been sold, the cash goes to a fund - which allocates money to crime prevention programmes.

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