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The world is about to witness another groundbreaking event in the crypto world as the UK police gave the green light to auction about £500,000 (around $620,000) in various cryptocurrencies seized from a criminal.
The criminal, identified as Elliott Gunton, was nabbed by the UK police for his involvement in a number of crypto crimes. The 19-year-old confessed to being the mastermind behind a number of felonies involved with cryptocurrency. This includes hacking services and illegal supplying online personal data.
19-year-old Gunton was known for his role in several criminal activities, which earned him thousands of pounds at the end of the day. Once found guilty, he was sentenced to 20 months in prison and was made to repay over £400,000. The proceeds recovered from the criminal is said to go on an auction sales today, September 25th, by 12 noon GMT.
The proceeds, which are estimated at £500,000, were recovered in different crypto coins including Bitcoin(BTC)trade, Ethereum (ETH)trade, and Ripple (XRP)trade. On the command of the Eastern Region Special Operations Unit (ERSOU), the world will today see the first cryptocurrency auction authorized by the UK police force.
Crypto Auction Details
According to the instructions from ERSOU, the auction will be held in two tranches. The first auction – which is proposed to hold today by noon and end tomorrow, September 26th by noon GMT – will see the sale of cryptocurrencies such as Bitcoin, Ethereum, and Ripple, with Bitcoin’s Lots ranging from 0.25 to 2 BTC. The Lots for other crypto assets are expected to be even larger.
The second auction is expected to kick off 6 hours after the close of the first auction. That is 6 pm GMT tomorrow. The auctioneer revealed that additional 16 Lots of BTC will be included in the second auction. Other items to expect include designer goods and luxury cars, watches, and jewelry. As well as online bidders, the second auction promises to be open to physical bidders too.
The auction will be conducted by Wilsons Auctions on behalf of the ERSOU. Wilsons Auctions is a world-leading auction firm known for providing advisory services to a global pool of law enforcement agencies. The firm gained increased popularity when it managed the first-ever public Bitcoin auction earlier this year. The auction, which involved the sale of 315 seized BTC, attracted millions of people from over 90 countries across the globe.
We are positive this new first-of-its-kind crypto auction will also attract a huge global audience. Kindly visit this official cryptocurrency auction page for more info.