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UK’s First Auction of Seized Cryptocurrency by Independent Body Scheduled

UK's First Auction of Seized Cryptocurrencies by Independent Body Scheduled

An independent auction house in Northern Ireland has become the first of its kind worldwide to facilitate a sale of seized cryptocurrency assets.

The sale of 167.7 monero coins with a current exchange rate of £6,655.36 is to sell via a 24-hour live auction, enabling investors to have the chance to take part and place bids on the crypto.

This is not the first time that seized cryptocurrency assets have been sold off in this way by an independent auctioneer. Last year, Bavarian prosecutors auctioned off seized cryptocurrency worth nearly USD 14 million, estimated to be the highest such sale in German history.

That sale involved 1,312 Bitcoins (BTC) and other digital currencies including 1,399 Bitcoin Cash, 1312 Bitcoin Gold, and 220 Ethereum. The funds were confiscated as part of an investigation into online platform LuL.to

In October of 2018, the US Marshals Service (USMS) announced that the US Department of Justice (DOJ) was auctioning off approximately USD 4.2 million of the cryptocurrency acquired from various criminal proceedings.

The auction overseen by Wilsons of Northern Ireland will be the first of a series after winning a contract with the Belgium Federal Government’s Asset Management Office to facilitate the storage and sale of seized cryptocurrencies. The company is currently working with 40 government and law enforcement agencies across the globe in order to auction off assets impounded by police. The auction house’s head of recovery said that the company was:

“Able to offer government and law enforcement agencies throughout the UK, Ireland and internationally a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by an auction company with significant experience dealing with seized assets.”

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