In a world first by a private company, Wilsons Auctions will be hosting a 24-hour timed online auction of Bitcoin from Thursday 28th of February to Friday 1st of March. The company will facilitate the storage and sale of seized crypto assets from a drug trafficking case in which Belgian police captured criminals who were selling drugs on the dark net.
They will be auctioning approximately 315 coins, Bitcoin, Bitcoin Gold and Bitcoin Cash, with no reserve. The cryptocurrencies, have a fluctuating total value of around £300,000 and will be split into a number of lots, with Bitcoin ranging from 0.5 to 4 bitcoins, the other two will contain a larger number of coins.
The physical auction will be held at the Wilson’s Belfast branch at 6pm and will also be available to online bidders.
Making Crypto Attainable For Everyone
Wilsons Auctions’ Head of Asset Recovery, Aidan Larkin said: “We are thrilled to be awarded this first of its kind contract with the Belgium Federal Government to sell seized cryptocurrency, allowing us to open up the opportunity of investing to new buyers.
“Following huge investment into our systems and infrastructure, we are able to offer government and law enforcement agencies worldwide, a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by a reputable auction company with significant experience dealing with seized assets.
“This contract allows us to further expand our crypto currency offering and remove the risks that can be associated with trading with unregulated virtual currency exchanges. We were very encouraged by our last auction of monero coins and understand that by simplifying the process of purchasing cryptocurrency, auctioning it like any other asset and by offering a varied value of Lots, we are making crypto currency obtainable to everyone, welcoming new buyers as well as experienced investors,” he concluded.
The contract had significant interest from a number of auction houses across Europe but was awarded to Wilsons by the Federal Government of Belgium. Perhaps that was related to their earlier success when Wilsons managed the UK’s first seized Monero auction. Confiscated by UK law enforcement under the Proceeds of Crime Act, the unreserved auction was a success and attracted interest from bidders in 69 countries.
For more information on the auction, see here.