An auction house will this week be putting $625,000 worth of cryptocurrency seized by police under the hammer.
The proceeds of a recently jailed hacker, the massive haul of Bitcoin, Ethereum, XRP, and other altcoins will be auctioned off by Belfast-based Wilsons Auctions on behalf of the UK’s Eastern Region Special Operations Unit (ERSOU).
The ERSOU seized the digital loot from a criminal who illegally supplied online personal data and hacking services in exchange for thousands of pounds worth of cryptocurrency.
It is believed to be the first instruction by a UK police force for the sale of a criminal’s seized Bitcoin. It will be sold from tomorrow – with no reserve – to the highest bidder.
The assets will be split across two auctions to a global audience with lots largely ranging from 0.25 to two Bitcoins. Other cryptocurrencies – known as ‘altcoins’ – will be auctioned off in larger lots.
The auction will run for 24 hours from 12 noon GMT on Wednesday September 25 until 12 noon GMT on Thursday September 26.
A further 15 lots of Bitcoin will be included in the Unreserved Government Auction, which will take place at 6pm GMT on Thursday September 26. The sale will also include a number of high-value items from luxury watches and jewellery to designer goods and cars – all seized by the police from online hackers.
Wilsons Auctions staged a similar sale in March 2019 with a Belgian public auction of Bitcoin. The sale saw 315 Bitcoins (currently worth around £2.5m) seized by the Belgian government up for grabs.
Speaking ahead of the auction, Wilsons Auctions’ Asset Recovery Director Aidan Larkin 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.
“Following the success of