Developments

Confiscated crypto coins worth around half a million dollars to be auctioned by Irish based firm

Crypto coins that were seized from online drug dealers by the Belgian law enforcement will be auctioned according to an announcement that was made earlier this week. The auction will be carried out by Wilsons Auctions, a company that is based in Ireland.

According to the announcement, the auction house has already signed an agreement with the Belgian federal government to hold an auction for the cryptocurrency assets that have no reserve. The crypto coins include 104.99 each of Bitcoin, Bitcoin Cash and Bitcoin Gold which are currently valued just under half a million ($431,660).

The crypto coins will be auctioned at the start of next month

In a statement, Wilsons Auctions noted:

“The bitcoins were seized by the Belgium police as a result of a drug trafficking case in which the criminals used the DarkNet to sell drugs.”

The statement notes that the international auction will take place on March 1st at precisely noon (GMT). The crypto coins will be divided into lots with Bitcoin pooled in 0.5-4 BTC lots. However, Bitcoin Cash and Bitcoin Gold will be offered in larger lots.

The auction will not be the first time the company has held a sale involving cryptocurrencies. Just last month, the firm sold 167.7 Monero tokens. A U.K. law enforcement agency had seized the XRM under the Proceeds of Crime Act.

According to Aidan Larkin who is the head of assets recovery at Wilson Auction, at the time the Monero tokens received interest from 69 countries. They also saw over 700 bids from registered participants and the amount that was raised was above the market value of XRM on that day.

Interestingly, Wilson’s isn’t the only agency to hold major crypto auctions. Last year in October the U.S. Marshals Service revealed plans to auction Bitcoins worth around $4.3 million.

What’s your take on the auctioning of the crypto coins worth around half a million dollars by the Irish based auction house? Share your thoughts in the comment section below.

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Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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