The German state of North Rhine-Westphalia has started auctioning its confiscated Bitcoins after obtaining approval from Justice Minister Peter Biesenbach, according to a report by business newspaper Handelsblatt.
A total of 215 Bitcoins that are worth roughly $13.6 million at press time are up for sale on the official website of the Administration of Justice.
A total of 15 auctions kicked off on Monday, with lots ranging from 0.1 to 10 BTC. Someone is currently offering 56,130 euros ($65,178) per 1 BTC, which is roughly 2% higher than the current spot price of Bitcoin.
The authorities cannot say exactly why auction participants are placing bids above the market value.
While nearly all of the seized Bitcoin funds come from drug busts conducted by law enforcement agencies, buyers will not receive tainted coins since authorities have created new wallets for the purpose of the auction.