Bitcoins Seized by Law Enforcement Agencies to Be Auctioned by Wilsons Auction House
Wilsons Private Auctioneering House is set to hold an online bitcoin auction in Europe for a whole 24 hours from February 28th at midday to 1st March. The bitcoins to be sold are those that were seized by the Belgian federal government as proceeds from a drug ring which was convicted for selling illegal drugs through the dark web.
The unreserved auction will be held as from 18:00 hours at Wilsons branches of Belfast and Northern Ireland for those who wish to bid physically. It will also be aired online at the same time so that online buyers can engage in the activity.
According to the agency, there will be no initial bid. This will give an opportunity for everyone interested to participate in the auction.
The choice for the government to perform the auction came after the need arose for them to dispose of digital currencies seized from criminals operating on the dark web. Many auction corporations showed great interest in the idea and hoped to get the contract for the business. Later, the government signed the contract giving Wilsons Auction the mandate to store and sell the seized currencies.
This is the biggest ever bitcoin auction sale to be held in the history of the country’s independent auction companies. Wilsons Company expects to sell 104.99 coins for bitcoin, bitcoin gold, and bitcoin cash, resulting in about 315 coins being sold between Thursday and Friday.
Wilsons was chosen since it is the largest independent auction organization in Belgium and Ireland. Therefore, the sale is expected to bring great profit with the sale of few bitcoins.
The company is also known for its good reputation and for being in the auction business for more than eighty years, during which it has dealt with a wide range of assets. This includes virtual currency, motor vehicles, designer items and extravagant watches from over 15 countries. It has also worked with various administrative agencies and insolvency professionals, obtaining assets worth more than £100 million.
Wilsons happens to be the leading adviser for global law enforcement agencies. It, therefore, has the requisite skills and knowledge to perform the auction thus increasing people’s confidence in the platform. As a result, the company will attract many prospective buyers worldwide including both initial and experienced buyers.
According to the organization, the value of the digital currencies will shift during the auction with a net value of about £300,000. This value will be placed in lots so as to capture a larger audience. Bitcoin lots will range between 0.5 and four whereas bitcoin gold and bitcoin cash will have lots containing more coins since they have a lesser value. The highest competitor will be awarded the lot.
Auctioning of seized cryptocurrencies in the UK began when seized Monero currency was auctioned last month by Wilsons Auctions. A government agency seized the currency as a requirement of the law which states that law offices should claim all proceeds resulting from criminal acts. The Monero auction attracted a large number of bidders from over 60 countries globally.
Aidan Larkin, leader of the Department of Recovery of Assets at Wilsons Auctions, stated that the company is delighted for being awarded a contract by the Belgian government to auction bitcoins. He says this will add to the amount of digital currencies they offer for bidding. In addition, it will grant them a big opportunity to expand their business by investing in new bidders.
According to Larkin, their auction agency is the best-suited way for the government to solve the problem of the accumulation of digital currencies seized from criminals. This is because the agency has greatly invested in its infrastructure and systems to allow secure storage and to eliminate fraud or theft in the sale of bitcoin. It also has great experience in bidding and a very good reputation with the people. The contract, he says, will eliminate certain risks that come with digital trading currencies with untrustworthy dealers.
He concluded by saying that the success of their previous auction of Monero greatly encourages them to pursue the upcoming auction. Moreover, auctioning bitcoins in a similar manner to other assets and varying its lots enables anyone to acquire them in a more simplified manner including former investors and newcomers.