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.