$125,000 Worth of Confiscated Bitcoin to Be Sold off by Belgium Government

$125,000 Worth of Confiscated Bitcoin to Be Sold off by Belgium Government

Confiscated Bitcoins and Bitcoin forks worth about $125,000 will be sold through Wilsons Auctions, an Irish auction house. The auction house is located in Ireland.

Belgium will announce the sale of its confiscated cryptocurrency at noon on March 24 without a reserve of GMT, according to an announcement at Wilson auctions, which means that a minimum price will not be required. Confiscated Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin Gold (BTG) will be sold during the auction.

The sell-off will last for 24 hours and divides the cryptocurrency between 0.25BTC and 1BTC while BCH and BTG batches will be loaded with more coins, information from Wilsons Auctions states.

A statement was made by Mark Woods, director of the asset recovery at the auction house:

The model turned out to be popular among our customers who can bet online and buy cryptocurrency from an existing auction house that they trust, and not through online exchanges, which can be a risky and difficult method.

Other Notable Auctions
These are not the first Wilsons’ auctions to offer a cryptocurrency sale. The auction house helped police in the United Kingdom sell over $600 confiscated cryptocurrencies in September 2019, including BTC, ETH, and XRP. A hacker who stores personal data and hacks services online supposedly stored cryptocurrency.

The United States last month sold off more than 4,000BTC of larger lots, about 2,500BTC by the Marshals services. As Finland announced controls of $16.2 million in BTC, various governments chose to sell off their confiscated cryptocurrency but did not offload the money through an auction house because of their fears, it could end up once again with crooks and fraudsters.

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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.