Belfast authorities prepare to auction 47 Bitcoin and Gold

Crypto derivatives market nailed billion amid markets crash in March
  • The Belfast government is planning to auction about 47 Bitcoins and other luxury items online.
  • They were seized by law enforcement officers across the United Kingdom.

Authorities in Belfast, the capital city of Northern Ireland (a part of the United Kingdom), is preparing to auction a whole of luxurious items, including cryptocurrencies, according to a report on Wednesday by Belfast Telegraph. As explained, these ready-to-auction items were confiscated across the United Kingdom by the law enforcement authorities. 

Over $650K Bitcoin up for auction in Belfast

Per the information, the authorities are planning to open online bidding of about 47.79 BTC on November 5. Following the current price of Bitcoin at $13,677 on Coinmarketcap, the cryptocurrencies are worth about $653,623 combined. The 47 Bitcoins will be split in the range of 0.25 to three BTCs into 44 different lots. This will enable more bidders a chance to invest in the cryptocurrency, according to Michael Streight, Wilsons Auctions’ Government Sales Coordinator. 

[…] Being able to offer this secure solution to clients and remove the risks that can be associated with trading with unregulated virtual currency exchanges has been a welcome addition to our auction service, as well as giving new and experienced investors the opportunity to buy cryptocurrencies from an established auction house.

Streight added in the report.

Besides the Bitcoin, the Belfast authorities also plan to auction about ten ounces of Gold and other luxury items, which include 22-carat gold jewelry and watches.

Belgium Bitcoin auction

Previously in March, the Belgium government had placed Bitcoins up for auction in the United Kingdom’s and North Ireland auction house, Wilson Auctions. These were cryptocurrencies seized by law enforcement agencies from criminals, as Cryptopolitan reported. At that time, the cryptocurrencies were worth about $125,000 combined.

As recently as June 12, Cryptopolitan reported a fraud case where a cryptocurrency exchange operator laundered funds through online auction programs.

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Ibiam Wayas

Written by Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.