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UK police earns £240,000 from auctioning crypto seized from Talk Talk hacker

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Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

UK police auction off worth £240,000 in cryptocurrencies seized from an infamous teenage cybercriminal Eliott Gunton. Gunton was earlier convicted for hacking British telecommunication company Talk Talk. Cryptocurrencies auctioned off included Bitcoin, XRP, and Ether. The 19-year old is currently wanted in the US for his involvement in stealing funds from EtherDelta customers.

British cops raised £240,000 in their first-ever auction of seized cryptocurrencies. The funds were seized from the notorious teenage Talk Talk hacker, Eliott Gunton. Reportedly, Gunton sold personal data of people on the darknet in exchange for cryptocurrencies.

Cryptocurrencies that were auctioned included, bitcoin, XRP, and Ether. The highest bid ran for 24 hours. Gunton’s wallet contained over $493,000 worth of bitcoin at the time of seizure. Detective chief inspector Martin Peters that this historic auction would help the police in gaining the public’s confidence in a transparent system to recoup the proceeds of crime securely and innovatively.

He further added that Asset recovery in a digital world has evolved, so it is essential to have a clear process for storing cryptocurrencies. Wilson Auction house undertook the process of selling off the cryptocurrencies. This auction has previously sold bitcoin on behalf of a private company.

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