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Bargain hunters rush to buy cheap BTC – News Bitcoin News


German authorities are auctioning off bitcoins seized from Darknet in a cybercrime case. The auction website has experienced high traffic on the Bitcoin list, with 4,000 new registered users in the last few days.

Bitcoin seized at auction by the German government

The North Rhine-Westphalia Ministry of Justice, Germany’s largest state by population, announced on Monday an auction of bitcoins seized from a criminal case.

Justice Auction, the ministry’s auction website, has faced high traffic on the Bitcoin list since prosecutors began listing cryptocurrencies on the site on Monday, Bloomberg reported, adding that the auction platform has 4,000 new registered users in the past few days.

Bitcoins were seized in connection with cybercrime and drug trafficking, mostly from Darknet, the publication said. German prosecutors cannot sell the seized cryptocurrency in the market; Like any other confiscated stolen product they have to be auctioned off.

The Ministry of Justice was quoted as saying:

Every euro extracted from the criminal network helps to weaken them.

The auction site currently has 15 lists for Bitcoin. One for 10 BTC, three for 1 BTC, six for 0.5 BTC and five for 0.1 BTC.

Bitcoin auction list example. Source: Justice Auction.

According to the auction website, the seized bitcoins are stored in official paper wallets at Central and Contact Point Cybercrime North Rhine-Westphalia (ZAC NRW). The ZAC NRW is the central liaison center for computer crime investigators in North Rhine-Westphalia, particularly public prosecutors and police authorities.

The website explains that Bitcoin will be transferred “by handing over a paper wallet with a private key.” It adds that if the winning bidder chooses an electronic transfer to a bitcoin address, it will be done “after video identification at the buyer’s expense on the general transaction fee”.

In addition, the website notes:

Colon will be handed over or transferred as soon as the purchase price is received by the Public Prosecutor’s Office. The process may take up to 2 business days.

Will you buy bitcoin seized from the government? Let us know in the comments section below.

Image credit: Shutterstock, Pixabay, Wiki Commons

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