British Police to Auction Off $600,000 in Confiscated Bitcoin Today
The British police are auctioning off half a million sterling ($621,400) worth of Bitcoin that was seized from an arrested hacker.
The funds were reportedly seized from a criminal who had offered his hacking services in exchange for Bitcoin and had illegally stolen and sold personal data.
The sale represents the first time that forfeited cryptocurrency funds are sold on behalf of the United Kingdom authorities, according to the report.
Beyond Bitcoin, the police are also selling-off assets belonging to the criminal, including cars, diamond jewelry and a luxury Rolex watch.
The auction, managed by Ireland-based auction house Wilsons Auctions, will launch online today and go under the hammer tomorrow, Sept. 26.
Going, going, gone
As previously reported, Wilsons Auctions had sold over $400,000 of seized Bitcoin and other cryptocurrencies on behalf of the Belgian government in March.
The United States was the first nation to begin organizing auctions for the sale of ill-gotten cryptocurrencies seized by the authorities in 2014, with Bitcoins confiscated from the infamous Silk Road online marketplace.
American investor Tim Draper apparently won the 2014 Silk Road auction for 29,656 forfeited Bitcoin, as reported at the time.