The selling of forfeited cryptocurrency to the public is a norm practice for authorities. Previously in September 2019, an Irish auction house, Wilson Auctions, have organized the auctioning of Bitcoin (BTC) worth over 600K USD, as instructed by the British police. The Bitcoin was allegedly seized from criminals during an operation by the authority.
Reportedly, another major auction of cryptocurrency is happening soon, as 4,000 BTC worth 37 million USD is said to be available for grab, organized by the United States’ authority on February 18th. Notably, the cryptocurrency in the subject was seized in federal criminal, civil, and administrative cases.
The US government’s auction, however, requires the public to register prior to the event with 200K USD deposit that will be forfeited should the individual does not win the bid. In addition to that, the auction will be split into four parts: Series A will auction off 5 blocks of 500 Bitcoin; Series B, 10 blocks of 100 Bitcoin; Series C, 10 blocks of 50 Bitcoin; and Series D, 1 block of 40.54 Bitcoin.
Notably, the selling of cryptocurrency is a very good opportunity for investors, as well as the public, to acquire digital assets. Timothy Cook Draper, also known as Tim Draper, found auctions as a profitable strategy, where he had famously purchased a total of 32,000 BTC in two auctions.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.