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German State Starts Auctioning $13.6 Million Worth of Bitcoin

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Mon, 10/25/2021 - 15:54
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Alex Dovbnya
German justice authorities have started auctioning millions of seized Bitcoins
German State Starts Auctioning $13.6 Million Worth of Bitcoin
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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.

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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.

The higher bidder will receive a paper wallet with a QR code.

As reported by U.Today, Finish Customs also announced that it was ready to sell its Bitcoin fortune in July.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.