Bitcoin [BTC]: Cryptocurrencies auctioned for over 300,000 euros after seizure

The association of Bitcoin [BTC], the largest cryptocurrency by market cap, with the darknet marketplace has been long-known to people around the world. Its association dates back to the infamous days of the Silk Road, the most popular darknet marketplace that accepted only Bitcoin as a mode of payment.

Now, the coin is back in the news after a recent report by VRT claimed that Bitcoins seized during a search operation were auctioned for over 300,000 euros. Two drug-peddling Belgian citizens were the target of this search operation, the report said.

The police seized around 105 Bitcoins during the search operation conducted in 2015. It was later decided by Minister of Justice, Koen Geens, to auction these stolen Bitcoins through the Central Agency of Seizure and Confiscation. A Northern Irish auction house, which specializes in the auction of luxury cars and watches along with cryptocurrencies, was given the responsibility of the auction.

A total of 318 Bitcoin, Bitcoin Gold, and Bitcoin Cash was auctioned. It was also reported that there was high demand for the auction, with the bidding house receiving 6,400 bids from over 100 countries across the globe. The total money raised through this auction was stated to be 332,987 euros.

Speaking about the seizure and the subsequent auction, Minister of Justice, Koen Geens said,

“We want to hit criminals where it really hurts, in their wallets”

The act didn’t go unnoticed in the online community as Koenklaver, a Redditor, said,

“If only they did this with the cash they find too. Buying 100k cash for only 33k. That would be great. These people have No idea what they are doing”

JeroenDiercix, another Redditor, said,

“Looks like a bargain too: 332 987 euro (376 051 USD) for 318 bitcoins, bitcoin cash and bitcoin gold.”

The post Bitcoin [BTC]: Cryptocurrencies auctioned for over 300,000 euros after seizure appeared first on AMBCrypto.