Almost $700,000 in Cryptocurrencies seized by the ‘Eastern Region Special Operations Unit’ (ERSOU) will be auctioned by the UK police on the 25th September. Hosted by the Wilsons Auction House, on behalf of the UK police, a basket of cryptocurrencies including Bitcoin, Zcash, Civic, Stratis, OmiseGo, Ethereum, and Bitcoin SV will be sold at no minimum price.
Wilsons’ international auction starts at noon on 25 September and will offer the individual’s crypto assets into divided lots. Lots that contain Bitcoin will have between 0.25 to 2 BTC. Meanwhile, altcoins will be available in larger lots. A day later, 15 more BTC lots will be sold at an Unreserved Government Auction, which is available to both offline and online users.
An individual who sold personal user data and provided hacking services was recently arrested by the UK police. With his numerous cryptocurrency assets confiscated, they will be sold off within several days, including Wednesday and Thursday. Apart from digital assets, the auction house will also sell the criminal’s jewelry, luxury watches, and cars.
According to Wilsons Auction House, who have previously sold $3.1 million worth of BTC seized by the Belgian police on March 2019, participants are required to provide a copy of their chosen identity information and their locations.
Wilson’s latest crypto-related auction sold 167.7 worth of Monero, which have been taken by the UK law enforcement agency. The company stated that the unreserved auction ended successfully and that it attracted the interest of individuals from more than 69 nations.
Stated by Wilsons Auctions’ Asset Recovery Director Aidan Larkin, the largest private auction house in the UK is delighted to carry out another Bitcoin auction on behalf of the UK police force. Larkin added that the action provides a new method for acquiring cryptocurrencies, as it removes the risks commonly found when trading with unregulated cryptocurrency exchanges.
While Europe only recently started with confiscating cryptocurrencies in law-enforcement actions, their North American counterpart has confiscated crypto since 2014. The U.S. Police actively worked on tracking down individuals who have participated in the darknet marketplace named the Silk Road.
Their record auction occurred on January 2018, where the US sold 3,600 BTC which were worth $30 million at the time. The auctioned assets have been successfully sold to only five winning bidders.
While cryptocurrencies bought from a criminal at an auction house do come at a far smaller price, the individual’s activity may result in a loss of funds in the case that you transfer the assets to an exchange.
Cryptocurrency exchanges such as Binance are known for freezing assets that have taken part in criminal activities or gambling, despite the assets being held by an individual who does not participate in either activity. As the risk is certainly worth the price, we are yet to see who the lucky winners will be, and who will take the biggest haul.