Bulgaria did not Hold Bitcoin Worth $1.6 Billion, Finance Minister Claimed

The curious case of Bulgaria’s alleged hoard of 200,000 bitcoins resurfaced again this week as sources claimed the Balkan country was HODLing (Hodl is slang in the cryptocurrency community for holding the cryptocurrency rather than selling it.) cryptocurrency.

Seemingly referencing a press release from May 2017, TrustNodes led the renewed media interest in a story about how Bulgarian authorities confiscated the BTC after taking down an unknown criminal operation.

According to the press release, which came from the Southeast European Law Enforcement Center, the operation focused on an “organized criminal group” including citizens from several nations.

The government seized various assets, including the bitcoin, with the various media publications now claiming Sofia held on to them and could now be the most Bitcoin-wealthy government in the world.

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