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More than 600 bitcoins seized from hackers are being auctioned in France for the first time in history

For the first time in history, France is auctioning more than 600 bitcoins. The confiscated cryptocurrency was obtained by the authorities during the fight against crime. The treasury has the unique opportunity to benefit from the increase in the price of bitcoins and earn about $ 30 million, according to the AFP agency.

BTC Auction in France

Exactly 611 bitcoins seized from hackers were put up for auction which mostly took place on the Kapandji Morhange auction hall. Bitcoins were offered on the morning of March 17 for a starting price of € 23,250. According to AFP, they were mostly sold for 40 thousand euros per bitcoin, which, after adding the auction fee of 14.28 percent, roughly corresponded to the market price from around two o'clock in the afternoon of March the 17th.

The Auction Hall offers bitcoins in 437 lots from 0.11 to 2 bitcoins in the morning trading and 5 to 20 bitcoins in the afternoon in 41 lots. Overall 1600 people registered for the auction, which according to the organizers is significantly more than with traditional sales with not only the French but also the citizens of Belgium and Britain being involved. Participants had to submit identity documents to register. Those who were interested in more expensive lots had to pay a deposit of € 10,000. The auctioned bitcoins will then be transferred from the secure account to the cryptocurrency wallet of each of the future owners.

"We did well to take our time" Organizer Ghislaine Kapandji to the AFP agency when commenting on the auction outcome

When the auction was planned in September, the price of bitcoin was around $ 10,000. Over the second March weekend in 2021 (12 - 14th), the cryptocurrency reached an all-time high of over $ 60,000. Simple math proves that the auction took place at the best possible time.

This is the first auction of its kind in France, but similar ones have been held around the world for years. The very first taking place in 2014 in the United States, followed by Canada, Australia, Belgium, and the United Kingdom. Kapandji Morhange admits that these auctions were the source of inspiration for their event.

In the past, The Czech Office for Government Representation in Property Affairs (ÚZSVM) also acquired virtual currencies seized from criminal activity. It is currently preparing its sale in a tender on its website. Currently, the office is preparing an offer for 0.42352938 bitcoin virtual currency units. Which is about € 19,000 at the current exchange rate.

Jakub is a crypto trader and founder of Trader 2.0 project, which helps hundreds of traders from central Europe to understand cryptocurrency trading and its challenges. Jakub not o...

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