Hungarian Authorities Seize USD 1 mln of Cryptocurrency

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Authorities of the National Tax and Customs Authority (NAV) have seized cryptocurrency with a value of USD 1 million from a ring of VAT fraudsters in the consumer electronics trade, NAV's criminal directorate for the west of the country said on Wednesday, according to a report by state news wire MTI.

The cryptocurrency was seized, in a wallet NAV set up for the purpose, during raids at 28 locations on a single day.

Three of the members of the ring have been taken into custody. The ring is suspected of evading payment of HUF 3 billion in taxes.

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