Business

Ed Drake

Wilsons Auctions to sell seized crypto for Belgian government

Wilsons Auctions is to hold a 24-hour online Bitcoin Core (BTC) auction, after reaching an agreement with the government of Belgium to handle the sale of seized crypto assets.

In what looks set to become a global first, the auction house is preparing to put the crypto up for public sale later this month, beginning 12 noon on Thursday February 28.

The auction will see 315 BTC up for sale, having been seized from criminals selling drugs online. In addition to the BTC proceeds of crime, the auction will also including holdings in Bitcoin Cash (BCHABC).

With no reserve, the Belgian crypto assets are likely to attractive significant attention from bidders worldwide, with the holdings set to be broken up into smaller lots to appeal to buyers. The current value of the holdings heading to auction is around $300,000.

The contract with the Federal government in Belgium is one of the first of its kind for an established auction house, and will see Wilsons working with law enforcement in the country to liquidate cryptocurrency assets seized under proceeds of crime actions.

Aidan Larkin, Head of Asset Recovery at Wilsons Auctions, said the contract would allow them to expand their cryptocurrency services, as well as reducing the risks involved in trading through unregulated exchanges.

“Following huge investment into our systems and infrastructure, we are able to offer government and law enforcement agencies worldwide, a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by a reputable auction company with significant experience dealing with seized assets,” Larkin said. “This contract allows us to further expand our cryptocurrency offering and remove the risks that can be associated with trading with unregulated virtual currency exchanges. We were very encouraged by our last auction of Monero coins and understand that by simplifying the process of purchasing cryptocurrency, auctioning it like any other asset and by offering a varied value of Lots, we are making crypto currency obtainable to everyone, welcoming new buyers as well as experienced investors.”

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