Belgium to Auction off $125,000 Worth of Seized Bitcoin

Francisco Memoria

The Federal Government of Belgium is set to auction off about $125,000 worth of seized bitcoin and bitcoin forks via an Ireland-based auction house, Wilsons Auctions.

According to an announcement from Wilsons Auctions, Belgium will auction off the seized cryptocurrency on March 24 at noon GMT with no reserve, meaning there won’t be a minimum price required to win. The auction will see seized bitcoin (BTC), bitcoin cash (BCH), and bitcoin gold (BTG) be sold off.

The auction is set to run for 24 hours, and will split the cryptocurrency in various lots that range from 0.25 BTC to 1 BTC. Lots for BCH and BTG will contain a larger number of coins, Wilsons Auctions details.

Mark Woods, Asset Recovery Executive at the auction house, was quoted as saying:

The format has proven popular with our customers, who are able to bid online and purchase cryptocurrency from an established and trusted auction house instead of utilising online exchanges, which can be a risky and daunting process.

This is notably not the first cryptocurrency auction Wilsons Auctions will be holding. In September 2019, the auction house helped U.K. police auction off over $600,00 worth of seized cryptocurrency, which included BTC, ETH, and XRP. The cryptocurrency had reportedly been seized for a hacker, who hold personal data and hacking services online.

Last month, the U.S. Marshals Service auctioned off over 4,000 BTC with larger lots, of up to 2,500 BTC. While various governments choose to auction off their seized cryptocurrency, as reported Finland controls over $16.2 million worth of BTC it hasn’t offloaded via an auction over concerns it may end up in criminals’ hands again.

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