Australian Police Seize Illegal Gun Runner’s Bitcoin to Cash 2000% Profit

Australian authorities have become unwitting benefactors of Bitcoin’s impressive bull run in recent years. The Australia Federal Police’s latest Annual Report highlights a bust which netted them a cool 2000% profit. In it, the Feds reveals seized bitcoin worth approximately A$ 7,300 ($ 4,995) in 2016 from a man using the cryptocurrency to purchase three weapons in contravention of the 1901 Customs Act.

Despite claiming they had seized the Bitcoin three years ago, it appears officials had only secured the gun runner’s public key. In other words, they had secured nothing since public keys by definition are available to anyone.


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