A small town located outside of Chicago is about to sell some bitcoins.
The village of Vernon Hills, Illinois, is currently in possession of roughly $10,000 worth of the digital currency, according to The Chicago Tribune. That amount, seized last year during a criminal drug investigation by local police and federal agencies, is set to be sold off in the days ahead. Local officials approved a plan to use Coinbase to sell the confiscated coins during a town meeting on 24th January.
While not as flashy as one of the US Marshals’ bitcoin auctions or the $19m worth sold in Australia last year, the Vernon Hills story illustrates the questions local jurisdictions face when coming into possession of bitcoin following a criminal investigation. The village has a population of about 25,000 people, according to US Census data.
The Tribune quoted Vernon Hills finance chief Nikki Larson, who told town officials:
Curiously, it won’t be the last time that Vernon Hills receives a small windfall – which will be directed to local police coffers – from a bitcoin bust.
In the months ahead, local police are expected to finalize another criminal investigation that will involve a bitcoin asset forfeiture. As that process comes to a close, Vernon Hills officials will hold yet another bitcoin sale.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.