The French government will be auctioning 611 bitcoins (around $ 32 million) tomorrow
An auction house in France was hired to sell 611 bitcoins on behalf of a French government agency. At the current bitcoin rate of $ 53,000, the bitcoins are worth around $ 32 million. The auction takes place tomorrow and starts at 9 a.m.
According to a local media report, 437 individual lots will be offered for sale at the event, ranging from 0.11 BTC to 2 BTC. Several bidders have the option to buy the bitcoins.
Earlier this month, the French publication Cyberguere revealed that most of the bitcoins come from the 2019 hack-of-exchange service GateHub. The hackers stole XRP coins from the cryptocurrency exchange, but later converted them to BTC.
The auction house is hosting the event on behalf of AGRASC (also known as the French agency for the recovery and management of seized and seized assets). According to the announcement, every interested participant should register before March 13th.
Several governments have auctioned seized bitcoins over the years. The process has produced respectable returns for the authorities. Most of the bitcoins seized come from illegal transactions such as drugs, weapons, and theft.
The United States government also auctioned 0.7501 BTC (about $ 39,000) yesterday. It remains unclear where the government obtained the BTC or why it was auctioned through the General Services Administration (GSA), the government auction site that sells office supplies, furniture, and other items such as vehicles, scientific equipment, and heavy machinery.
The starting price for the auction was $ 25,000 and was held yesterday in Atlanta, Georgia. The bid ends tomorrow and the successful bidder fills out a Forfeited Property Sales Certification Form stating that he is not an employee of the Department of Justice or the person who forfeited the BTC.