Crypto newsCryptocurrencyAuctions of siezed bitcoins

German Law enforcement announced auction of seized bitcoins

Bitcoin Auction
Photo by Sora Shimazaki from Pexels

On October 25, 2021 an auction of hefty Bitcoin amount was announced by the ministry of Justice Germany’s North Rhine-Westphalia. Bitcoins were confiscated during an investigation into darknet marketplace. The First trench of the 215 bitcoins were placed for auction, bidding of which completed on October 27, 2021.

Similarly, Romanian law enforcement have also announced country’s first such auction in the month of October, 2021. Likewise, in July this year, the US Marshals Service (USMS) awarded a contract to the Anchorage Digital, which will provide services like custody, disposal and accounting of cryptocurrencies accumulated by the Federal Agency.

Police departments and law enforcements around the world, becoming more active to hunt and deter the money laundering and other illicit activities carried out through cryptocurrencies. The investigations of crimes involving the exchange of digital assets usually result in recovery of cryptocurrencies. Moreover, these agencies are becoming more comfortable with auctioning off the digital assets seized during crackdowns and investigations.

The active approach by the Agencies, is a sign that Governments in different countries are serious to accept the cryptocurrencies and trying to ensure a comprehensive legal framework, so the use of crypto assets could be contained in potential illegal activities.

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