The first “seized cryptocurrency auction” by a private company

While it is
common across the United States, cryptocurrency auctions are not as popular
around the world. The first independent auction for cryptocurrencies will take
place in Northern Ireland auction company, Wilsons
Auctions
for seized Monero (XMR) coins.

The auction is the
first ever cryptocurrency auction to be carried out online by an independent
and private auction house. Wilsons Auction house in Newtownabbey is planning to
carry out a live auction of 167.6 Monero tokens, approximately $9983 USD at
current exchange rates. The coins were seized by the government authorities and
have been placed for auction starting on 7th January 2019, starting
12 noon U.K time. The live auction will take 24 hours.

The auction will
be carried out in 2 minute intervals for each of the 10 lots of 167.6 XMR. The
first lot will end its interval at noon with the lot including the forks of
Monero.

According to the
Proceeds of Crime Act in U.K law, the XMR tokens were found to have violated
the law by being used in unlawful activities. This prompted the authorities to
seize the cryptocurrencies and place them for auction. Investors across the
world will be able to participate in the live auction of the lots placed and
place their bids.

Wilsons Auction
house is the first ever private auction house to auction seized
cryptocurrencies across the world. Its popularity seems to be taking off at a
rapid pace as the Belgium Federal Government Asset Management Office offered to
place any seized cryptocurrencies in the auction company.

Lujàn on Linkedin
Lujàn

Senior Blockchain Analyst

The experienced blockchain writer has worked as an analyst in the cryptocurrency field in the last four years which has enabled to him gain massive knowledge in blockchain technology and cryptography. He is a trained Financial Economist having graduated with a Bachelor’s in Financial Economics in 2017. He is well known for his simple writing style that allows beginners in the blockchain space to easily understand and have fun while reading. Lujan, the Dr. Proton of Blockchain Technology.

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