$430K in Confiscated Crypto to Be Sold Off by Irish Auction House

Cryptocurrencies seized by Belgian law enforcement from online drug dealers are set to be sold off by an Ireland-based auction house.

AccessTimeIconFeb 21, 2019 at 3:06 p.m. UTC
Updated Sep 13, 2021 at 8:55 a.m. UTC

Cryptocurrencies seized by Belgian law enforcement from online drug dealers are to be put under the hammer by an Ireland-based auction house.

Wilsons Auctions announced Monday that it has signed an agreement with the federal government of Belgium to hold an auction of the crypto funds with no reserve, including 104.99 each of bitcoin (BTC), bitcoin cash (BCH) and bitcoin gold (BTG).

The total market value of the cryptocurrencies is around $431,660 at the time of writing.

“The bitcoins were seized by the Belgium police as a result of a drug trafficking case in which the criminals used the DarkNet to sell drugs,” Wilsons Auctions said.

The international auction will start at 12 noon (GMT) on March 1, with the cryptocurrencies divided into lots, the release states. The bitcoin will be sold in 0.5–4 BTC lots, while the BCH and BTG will be offered in larger lots.

This is not the first time Wilsons has held an auction of cryptocurrencies. Last month, it sold off 167.7 monero (XMR) tokens, which had been seized under the Proceeds of Crime Act by a U.K. law enforcement agency.

Aidan Larkin, Wilsons’ head of asset recovery, said at the time that the monero auction received interest from 69 countries and that “following over 700 bids from registered participants, the final value realized was above the market value of monero for that day.”

The U.S. Marshals Service has also previously held several major crypto auctions. Most recently, in October, it announced it would hold an auction to sell off nearly $4.3 million worth of bitcoins the following month.

Bitcoin and gavel image via Shutterstock 

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.