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German state auctions $13.6 million worth of Bitcoin By BTC Peers

by Mike Robinson

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© Reuters. German State Auctions Bitcoin Worth $13.6 Million

Handelsblatt reports that the German state North Rhine-Westphalia received permission from Peter Biesenbach, Justice Minister of Germany to start an auction to recover all its confiscated property.

On the Administration of Justice’s official website, the auction will go on for 215 Bitcoins. The total value of these Bitcoins is approximately $13.6 million.

A total of 15 auctions were held on Monday with lots starting at 0.1 BTC and ending at 10 BTC. Someone is offering $55,178 per BTC (roughly 2% more than the spot Bitcoin price) at 56,130 euros ($65,178). A paper wallet will be given to the highest bidder with a QR code.

Authorities have so far not been able explain to auction participants why they place bids that exceed the market price.

It is interesting to note that although all the Bitcoin seized was seized from law enforcement agency drug busts, buyers of these tokens will still receive them. Authorities have created new wallets specifically for this auction.

The highest bidder will get a paper wallet with the QR code.

In a similar vein, Finland’s Customs Authorities announced that in July they would be selling their Bitcoin fortune.

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