UK authorities to auction £500,000 worth bitcoin

Eastern Region Special Operations Unit (ERSOU) of the UK police force seized cryptocurrencies worth £500,000 ($622,000). The authorities will conduct a 24-hour online auction to sell these seized cryptocurrencies. 

The seized cryptocurrencies include 0.25 to 2 BTC and other smaller cryptos like Zcash (ZEC) Stratis (STRAT), Civic (CVC), OmiseGo (OMG), Ethereum (ETH), and Bitcoin SV (BSV) which all will go for sale on 25th September. 

Along with this auction there will be another auction the next day where bidders will have the chance to buy from 15 batches of Bitcoin in an Unreserved Government Auction. These cryptocurrencies were seized during a criminal case about the illegal supply of online personal data.

The largest independent auction house in the UK, Wilson Auction House will conduct the online sale of these cryptocurrencies. The auction house is known for selling seized cryptocurrencies. Earlier this year the auction house helped the UK law enforcement with the of Monero coins auction that the police seized in January. And the very next month it held an auction for bitcoins.

According to ICO examiner report, Wilson Auction House have realized sales of over £100 million ($12,440,000) worth of seized assets for government agencies, law enforcement agencies, and insolvency practitioners. 

According to Financial Times report UK’s Surrey Police last year set up its own bitcoin wallet and then used an international exchange to transfer and convert 295 BTC confiscated in a money laundering case.