Mar 1, 2019
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Auction of Seized Bitcoin Draws Interest From 110 Countries

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Auction of Seized Bitcoin Draws Interest From 110 Countries

Wilsons Auctions on Feb. 28 successfully sold off 315 bitcoin seized by the Belgian police from dark web drug dealers. The 24-hour online auction attracted interest from buyers from 110 countries.

Also read: Europe’s Regulatory Head Seeks Further Control of Crypto Assets

Wilsons Sells Off $420k of Confiscated Crypto

Irish auctioneer Wilsons won the contract to dispose of the criminal assets on behalf of the Belgian Government. The 315 coins consisted of 104.99 each of bitcoin core, bitcoin cash and bitcoin gold. The total haul was valued at around £300,000 (~$420,000).

The Belfast Telegraph reported that the loot, with no reserve, was put under the hammer in lots ranging from 0.5 BTC to 4 BTC each. The lots for BCH and BTG contained a larger number of coins. Mallusk-based Wilsons also sold a small amount of BTC physically, during its unreserved government auction in Belfast on Thursday.

Auction of Seized Bitcoin Draws Interest From 110 Countries
Aidan Larkin of Wilsons (right) with Nick Furneaux, a cryptocurrency analyst

A large amount of the cryptocurrency being auctioned was seized by police from two drug-dealing brothers in the Belgian city of Antwerp, who were selling substances over the dark net and shipping it worldwide, the article said.

But in 2017 Belgian police also reported they had confiscated about 1,050 BTC from several dark web drug dealers. Liquidation of the seized crypto assets required that the country first implement laws governing these, as is the case with the traditional financial industry. That now appears to have happened, giving effect to the Wilsons BTC auction.

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