Over $430K in seized crypto to be sold in a U.K. auction
The 24-hour online auction will kick off on February 28th at 12:00 pm GMT and will last through noon on May 1st. For U.K. and Ireland-based auction house Wilsons Auctions it will be the first Bitcoin (BTC) auction of its kind.
Over $430,000 in cryptocurrencies were previously seized by Belgium police as a result of a drug trafficking case that involved dealings via Darknet. According to Wilson Auctions, the total amount of crypto (315 coins) includes 104.99 of Bitcoin (BTC), Bitcoin Gold (BTG) and Bitcoin Cash (BCH), correspondingly. The auction will be selling bitcoins in packs from 0.4 to 4. BTG and BCH will contain more coins.
Additionally to the online auction, the company will also sell more Bitcoin through its Unreserved Government Auction in Belfast, Northern Ireland, on the same day, February 28th. The amount of the total sale has not been disclosed, as of yet.
Wilsons Auctions stated they’re open to international bidders as well. In the beginning of 2019, they held a Monero (XMR) auction. 167.7 XRM seized by U.K. law enforcement were sold to participants from 69 countries. According to Wilsons Auctions’ Head of Asset Recovery, Aidan Larkin, they’re open to cooperate with more governments worldwide to recover profits from their seized crypto assets.
Selling seized crypto assets through auctions has become quite frequent across the globe, and is one of the legitimate ways for governments to make profits on the assets recovered during law enforcement operations. United States was one of the first countries to conduct such an auction. Additionally, the Finnish government has also held a similar auction in 2018, where around 2,000 of seized bitcoins were successfully sold.