Auction of Bitcoins Seized in the Fight Against Cybercrime in Germany -Breaking
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In the Fight Against Cybercrime, Germany, an Auction of Bitcoins was Held- This historic event is expected to bring in 13 million dollars for the Ministry of Justice of North Rhine-Westphalia.
- Authorities say that 250 confiscated bitcoins will also go up for auction.
On Monday, October 25, the Ministry of Justice of North Rhine-Westphalia held a public auction for bitcoins that were seized during police operations against organised cybercrime. Expect the funds from this auction to be at least six-digits in value.
The current value of would indicate that the total amount confiscated is worth just over $30 million. This raises expectations about the event. The first such event has ever been held in Germany, using the seized cryptos.
“We expected there would be a lot of interest, but this auction has exceeded all our forecasts,” said Hilal Tanrisever, spokesman for the Ministry of Justice of the federal state of North Rhine-Westphalia.
The opening of the auction was broadcast live at 1:30 PM CEST , via the “Legal Tribunal Online” Twitter (NYSE:) account (@jm_nrw), and on YouTube. Peter Biesenbach, Justice Minister, stated that the decision was taken in light of the complex operation.
The government decided to use its own web site, www.Justiz-Auktion.de, to comply with the legal requirements behind the auction of 215 bitcoins, which would be valued at a little over $13 million, going by Bitcoin’s standing price of $62,000 at the time of writing.
While pressing a virtual green button to start the auction, officials stated: “The Finance Minister is keeping his fingers crossed for us.” No wonder since all the money collected in the auction will go directly into the state’s coffers.
The event, which is being held at the headquarters of the Cologne Public Prosecutor’s Office, was organized by the Ministry of Justice, the General Prosecutor’s Office, the ZAC NRW Cybercrime Center, the State Information Office and the Land Communication and Technology departments.
How do you participate in the auction
The Justiz-Auktion.de web site provides detailed information about the requirements and allows interested parties to participate in the bitcoin auction.
The authorities had to decide what they would do with the tokens seized before putting them up for auction. There was no precedent for digital currency. It would be treated the same as other confiscated property such as cars, buildings, jewels, etc.
“Every euro taken from criminal organizations helps them to be weaker,”
Markus Hartmann is the head of North Rhine-Westphalian Central Criminal Crime Department.
Official information states that 250 additional bitcoins were also confiscated by the police and are set for auction.
Chrisoph Hebbecker, spokesperson for ZAC NRW had made the following statements prior to the auction:
“It’ll be an auction just like every other but only for bitcoin.”
Flipside
- The auction of 215 bitcoins will likely be decided by the fact that the German government almost certainly has been watching recent developments in crypto markets.
- With the cryptocurrency on an upward trend, the auction’s profits are certain to be maximized, something that the German coffers will appreciate.
What are the reasons to care?
- It is the first auction of bitcoins seized in police actions against organized crime.
- Already, there have been other kinds of auctions that accepted cryptocurrency payments. One such event was held in New York last May, during an event held by the auction house, Sotheby’s.
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