Hungarian authorities confiscate $1.15 million worth of cryptocurrency in tax fraud case

ChainCatcher news, according to Bitcoin.com, the Hungarian National Tax and Customs Administration (NAV) announced on Wednesday that it seized cryptocurrency from a criminal organization that evaded paying 3 billion Hungarian forints (approximately 8.2 million USD) in value-added tax (VAT).

Investigators simultaneously raided 28 locations, arrested suspects, and confiscated their illegally obtained assets and cryptocurrency, valued at nearly 420 million forints (1.15 million USD).

NAV stated that the seized cryptocurrency has been transferred to a specially created cryptocurrency wallet under its control, but did not provide specific details. Three members of the criminal organization have been detained.