The ERSOU seized the massive haul from a hacker who illegally supplied online personal data and hacking services in exchange for thousands of pounds worth of cryptocurrency. It is believed to be the first instruction by a UK police force for the sale of a criminal’s seized bitcoin. It will be sold – with no reserve – to the highest bidder. The assets will be split across two auctions to a global audience with lots largely ranging from 0.25 to two bitcoins. Other cryptocurrencies – known as “altcoins” – will be auctioned off in larger lots.
The auction will run for 24 hours from 12 noon GMT on Wednesday September 25 September and will time out from 12 noon GMT on Thursday September 26.
A further 15 lots of bitcoin will be included in the Unreserved Government Auction which will take place at 6pm GMT on Thursday September 26.
The sale will also include a number of high-value items from luxury watches and jewellery to designer goods and cars – all seized by the police from online hackers.
Wilsons Auctions staged a similar sale in March 2019 with a Belgian public auction of bitcoin.
The sale saw 315 bitcoins (currently worth around £2.5m) seized by the Belgian government up for grabs.