British Authorities Will Auction $600,000 Worth of Seized Bitcoin from Hacker

The police of the United Kingdom are currently selling $620,000 USD worth of Bitcoin (BTC) in an auction. According to the reports from London Economic, the money was seized from a criminal who was arrested for hacking companies in order to steal data from the clients. The money was obtained illegally, so the police confiscated it.

This is set to be the first time ever in which the authorities of the United Kingdom have sold cryptocurrencies in an auction. Other assets that belonged to the criminals will be auctioned as well. They include a Rolex watch, cars and diamonds.

According to the reports, the auction will occur at the Wilson Auctions house, which is based in Ireland. All of the auction processes will be made online, however. People interested in bidding can start today and the highest bidder will obtain them.

While this is the first time that the British police holds an auction to sell Bitcoin, it is not the first time that Wilson Auctions has. Back in March, the auction house sold around $400,000 USD worth of BTC that were originally seized by the Belgian police during an operation.

Selling Bitcoin in auctions is not a new practice. The first time that this happened was in the United States back in 2014, when Bitcoin was only five years old. The Bitcoin sold then was confiscated from Silk Road, an online black market in which people used crypto to buy drugs and other illegal goods.

Curiously, it was Tim Draper, a famous investor, who bought the Bitcoin at the time. He bought 29,656 BTC in which was probably a pretty profitable transaction considering how much prices went up since then.