Crypto Confiscated By Belgian Authorities To Be Auctioned Off By Wilsons Auctions

Wilsons Auction, an auction house based in United Kingdom and Ireland, will soon be hosting its very first Bitcoin Auction in the later part of this month, as a part of a contractual agreement with the Federal Government of Belgium. In a recent blog post, the firm elucidated on this scheduled auction.

The blog post wrote:

“Wilsons Auctions, a leading advisory service for worldwide law enforcement agencies, is to hold its first bitcoin auction in a world first for any private auction house having signed a significant contract with the Belgium Federal Government.”

In this auction, Wilsons will be working to sell off cryptocurrencies worth the massive figure of 430,000 dollars. These cryptocurrencies had been seized by the Belgian police as part of its operation where it busted a drug trafficking racket making use of the dark web.

The auction, which is slated to begin on the 28th of February, 2019 at 12 pm GMT, will go on for a 24 hour period till 12 pm GMT on the 1st of March. International bidders can also participate in this particular auction.

The auction house will be splitting the total amount of cryptocurrencies that were confiscated by the Belgian police into many lots. There were 315 coins in total, and there will be $104.99 each of Bitcoin Bitcoin Gold and Bitcoin Cash. The prices for the Bitcoin lots will lie in the range between 0.5 to 4 BTC in each lot. Naturally, going by their market price, there will be more of Bitcoin Gold and Bitcoin Cash units in each of these lots.

Besides these, the Wilsons will he selling an undisclosed number of the Bitcoins at the Unreserved Government Auction to be held at Belfast Northern Island on the same day.

Speaking about the auction that is coming up Wilsons Auctions’ Head of Asset Recovery, Aidan Larkin opined:

“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.”

He added:

” 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.

He further said in conclusion that:

“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.”