£500,000 Seized Crypto To Be Auctioned This Week

Wilfred Michael 

Wilfred Michael

News reporter

23 September 2019,
18:06
£500,000 Seized Crypto To Be Auctioned This Week

Representatives of the auction house, Wilson Auctions announced last week that it had received permission from a U.K police force to sale seized criminal proceeds worth £500,000 in Bitcoin, Ether, XRP and more.

Such a large volume of cryptocurrency was reportedly seized from a criminal who illegally supplied online personal data and hacking services in exchange for thousands of pounds worth of cryptocurrency.

The auction house has elected to sell the seized assets in a two-part auction round for both online and offline buyers. with the sale set to last between Septemeber 25-26. Bitcoins will be sold in lots from 0.25 to 2 BTC, and other cryptocurrencies in larger volumes according to the schedule.

Notably, the auction which begins in roughly three days marks the second crypto auction to be executed by Wilson Auctions. The firm had performed a similar large scale sale in March after Belgian enforcement agencies confiscated 315 bitcoins, and opted to sell rather than hold the assets.

Meanwhile, regarding the current offering, Aidan Larkin, Wilsons Auctions Asset Recovery Director said, 

“We are delighted to be marking another first at Wilsons Auctions by carrying out the first auction of bitcoin under the instruction of a UK police force [...]. We are excited to continue to roll out this secure service to both our public and private sector clients.”

Records show that this is not the first time that European authorities are confiscating cryptocurrencies after hunting down cybercrime operators.

In May, Stmarket.co reported that an investigation involving Europol led to the arrest of three suspects as well as the seizure of cash worth €550,000 (appr. $616,600) and six-figure worth of Bitcoin and Monero cryptocurrencies.

 

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