Seized Crypto To Be Auctioned At UK’s Independent Auction House

We have heard of blockchain making auctions tamper proof. However, this is probably the first time we are hearing of the most popular use case of blockchain, cryptocurrencies, being auctioned in the United Kingdom.

According to the popular daily, the Belfast Telegraph, an independent auction house in the Northern Ireland is all set to conduct the first such auction of its kind in the United Kingdom. Seized off cryptocurrency assets are going to be auctioned by Wilsons Auctions, on midday Monday.

The assets to be auctioned are 167.7 Monero coins, which are collectively worth £6,655.36 or roughly $8,400 US dollars. It will be a 24 hour live auction.

This is the first time that such an auction is taking place in the United Kingdom and the first such instance when investors and bidders will have access to an online portal, which will have all the lots and their prices listed. They can place bids online and look at all the listings in real time.

Wilsons Auctions is the one organizing this auction and by no means is it to be their last such auction. It is being reported that the auction house has won a contract with the Belgium Federal Government’s Asset Management Office, to allow for the storage and selling of seized crypto assets.

Aiden Larkin, the auction house’s head of recovery made the following comment:

“Following huge investment into our systems and infrastructure, we are able to offer government and law enforcement agencies throughout the UK, Ireland and internationally a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by an auction company with significant experience dealing with seized assets.”

This is however not the first auction of seized cryptos that is taking place. The US Marshals Service in October 2018, had announced that the US Department of Justice was preparing to auction $4.2 Million worth of crypto, which the department had seized from various crime cases.

Such auctions by government asset management offices have taken place before on numerous ocassions.