HomeNewsGermany to auction seized Bitcoin

Germany to auction seized Bitcoin

The government of Germany is auctioning bitcoin seized from the darknet in cybercrime and drug trafficking cases. As a result, the auction website reportedly experienced high traffic to bitcoin listings, with nearly 4000 new registered users.

It was perhaps the auction with the highest response rate ever recorded in this field. Moreover, The German judiciary implemented the legal procedure according to which assets seized by the police can be sold through an auction. As a result, the auction site currently has 15 listings for bitcoin. One is for 10 BTC, three are for 1 BTC, six are for 0.5 BTC, and five are for 0.1 BTC.

The Ministry of Justice of North Rhine-Westphalia has calculated an approximate gain of around 95 million euros based on the recent price variations.

Each euro that’s extracted from criminal networks helps weaken them.

Ministry of Justice

The handover or transfer will occur only after the Cologne Public Prosecutor’s Office has received the purchase price. The process can therefore take two working days.

Moreover, Germany is known for its internal economic plans, always aiming at capitalizing. Thus, This auction stands as an opportunity for significant financial return.

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