Bulgaria

In May 2017, Bulgarian authorities conducted a significant operation against an organized crime group involved in customs fraud. The Southeast European Law Enforcement Center (SELEC) reported that this operation led to the seizure of 213,519 bitcoins. At that time, bitcoin was valued at approximately $2,354 per coin, making the total seizure worth around $500 million. (coindesk.com) The group had allegedly used computer viruses to infiltrate Bulgaria's customs systems, enabling them to import goods without paying the required duties. They chose bitcoin for its perceived difficulty to trace.

Recent Developments

• Conflicting Reports on Bitcoin Holdings: Following the seizure, there have been conflicting reports regarding the actual possession of the bitcoins by the Bulgarian government. Some officials have denied that the bitcoins were ever in government custody, while others have suggested that the bitcoins were sold in secret auctions. (protos.com)

• Parliamentary Inquiries: In 2022, Bulgarian Member of Parliament Ivaylo Mirchev sought clarification on the status of the seized bitcoins. He questioned the Ministry of Internal Affairs about the exact amount seized, its current location, and whether the government still held the private keys necessary to access the funds. (protos.com)

• Official Statements: The Bulgarian government has provided limited information on the matter. In 2017, then-Finance Minister Vladislav Goranov claimed that the bitcoins were sold in batches to avoid market disruption, with proceeds used for various state needs. (protos.com)

As of April 2025, the exact status of the 213,519 bitcoins remains unclear, with ongoing debates and investigations into their whereabouts and the Bulgarian government's handling of the assets.