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The auction house Wilsons Auctions based in the United Kingdom and Ireland will hold its first Bitcoin auction (BTC) at the end of February under a contract with the Belgian federal government. The news was announced in a cabinet blog post on February 18.
The auction is expected to yield a total of about $ 430,000 in cryptocurrencies, which had already been seized by Belgian police as a result of a drug trafficking case involving the use of Darknet.
The 24-hour online auction starts on February 28 at noon. GMT and will end on March 1st. According to the press release, it will be open to an international audience.
Wilsons Auctions says it will divide the total amount of crypto (315 pieces) into several batches. According to the organizer of the event, the amount includes 104.99 euros of BTC, Bitcoin Gold (BTG) and Bitcoin Cash (BCH). Bitcoin batches will be between 0.5 and 4 BTC, while BTG and BCH lots will contain more than one coin.
In addition, the company will sell BTC at its unreserved public auction in Belfast, Northern Ireland, on February 28. The amount of coins has not been revealed in the ad.
Aidan Larkin, head of badet recovery at Wilsons Auctions, said the auction was ready to offer to other governments and law enforcement agencies globally their reliable solution and their help in the sale of seized cryptocurrencies.
Earlier this year, Wilsons Auctions organized a Monero Auction (XMR) with bidders in 69 countries around the world. At the time, the auction had sold 167.7 million RMX, seized by British law enforcement.
As Cointelegraph explained earlier, auctions are frequently used to sell crypto seizure, with the United States being one of the first countries to have addressed the issue. The Finnish government also held a similar auction last year, selling around 2,000 BTC seized in 2016.
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