Fun

Germany Auctions Bitcoin Seized From Darknet: Bargain Hunters Flock to Buy Cheap BTC

News Feed - 2021-10-27 07:10:37

Germany Auctions Bitcoin Seized From Darknet: Bargain Hunters Flock to Buy Cheap BTC


German authorities are auctioning bitcoin seized from the darknet in cybercrime cases. The auction website reportedly experienced high traffic to bitcoin listings, with 4,000 new registered users over the past few days. German Government Auctioning Seized Bitcoin


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


Justiz Auktion, the auction website for the ministry, experienced high traffic to the bitcoin listings Monday after the prosecutors began listing the cryptocurrency on the site, Bloomberg reported, adding that the auction platform had 4,000 new registered users in the last few days.


The bitcoins were seized in cybercrime and drug trafficking cases, mostly from the darknet, the publication conveyed. Prosecutors in Germany cannot sell seized cryptocurrencies on the market; they are required to auction them like any other seized stolen goods.


The Ministry of Justice was quoted as saying: Each euro that’s extracted from criminal networks helps weakens them.


The auction site currently has 15 listings for bitcoin. One is for 10 BTC, three are for 1 BTC, six are for 0.5 BTC, and five are for 0.1 BTC. Examples of bitcoin auction listings. Source: Justiz Auktion.


According to the auction website, the seized bitcoins are stored on official paper wallets at the Central and Contact Point Cybercrime North Rhine-Westphalia (ZAC NRW). ZAC NRW is the central contact point for investigative authorities, particularly public prosecutors and police authorities, in North Rhine-Westphalia in the area of computer crime.


The website explains that bitcoin transfers will take place by “personally handing over the paper wallet including the private key.” It adds that if an electronic transfer to a bitcoin address of the winning bidder is preferred, it will be done “after video identification at the expense of the buyer at the usual transaction fees.”


Furthermore, the website notes: The handover or transfer will take place only after the purchase price has been received by the Cologne Public Prosecutor’s Office. The process can take 2 working days.


Would you buy seized bitcoin from governments? Let us know in the comments section below. ECB Appoints Advisory Group for Digital Euro Project NEWS | 35 mins ago Tether Trials Solution to Comply With FATF Travel Rule NEWS | 2 hours ago Tags in this story bitcoin auction, bitcoin darknet, buy cheap bitcoin, cheap bitcoin, darknet, german, german authorities, Germany, germany bitcoin auction, Seized bitcoin


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

SEC Charges Socialite Kim Kardashian for Unlawfully Touting Ethereummax
SEC Charges Socialite Kim Kardashian for Unlawfully Touting Ethereummax On Monday, the U.S. Securities and Exchange Commission (SEC) filed charges against the celebrity and sociali
Grayscale: Central Bank Digital Currencies Will ‘Neither Replace nor Harm Scarce, Uncompromising Bitcoin’
Grayscale: Central Bank Digital Currencies Will ‘Neither Replace nor Harm Scarce, Uncompromising Bitcoin’Central bank digital currencies (CBDCs) pose no threat to Bitcoin’
Coti launches $10M rewards program to support v2 token rollout
Arijit Sarkar10 hours agoCoti launches $10M rewards program to support v2 token rolloutIn addition to the existing Coti tokenholders, the eligibility for airdrop rewards has been automatically extended to all treasury pa
Cardano releases 'Node 9.0,' paving way for upcoming Chang hard fork
Christopher Roark2 hours agoCardano releases "Node 9.0," paving way for upcoming Chang hard forkThe Cardano node GitHub page was updated with the new version, Node 9.0, which can be used to implement the upcoming hard fo
Bitcoin On The Brink Of A Massive Short Squeeze, Expert Warns
Este artículo también está disponible en español. The Bitcoin dominance (BTC.D) surged above 64% this week, its highest level since March 2021, sparking debate over an im
WATCH: Our On Tap Meetup in Tokyo United Japanese Blockchain Fans With the Global Makers
What do you get when you give a bunch of crypto fans a bunch of beer and pizza? If you answered “an amazing meetup featuring devs and explorers from all over the world,” then you’re absolutely correct.
Ethereum Exchange Outflows Hits 2-Month High With $1.4 Billion Withdrawn, What This Means
Este artículo también está disponible en español. New reports have revealed a massive exodus of Ethereum (ETH)tokens from various crypto exchanges. IntoTheBlock’s on-ch
Marcel Pechman12 hours agoSpot Bitcoin ETF approved, but not in the USThis week’s episode of The Market Report discusses the spot Bitcoin ETF that just launched in Europe and why the U.S. still lags behind.5202 Total v
Moonbirds NFT Sales Skyrocket Capturing $364 Million in 5 Days
Moonbirds NFT Sales Skyrocket Capturing $364 Million in 5 Days A non-fungible token (NFT) collection called Moonbirds has been a topical conversation within the NFT community as th
Ethereum’s quick rebound positions ETH price for 100% rally
Yashu Gola24 minutes agoEthereum’s quick rebound positions ETH price for 100% rallyEther price is mirroring a fractal pattern from October 2023 that preceded a 178% ETH price rally.254 Total views1 Total sharesListen t
Trump Family Threatens Legal Action Over Trumpcoin Crypto — Says ‘We Do Not Authorize the Use’
Trump Family Threatens Legal Action Over Trumpcoin Crypto — Says "We Do Not Authorize the Use" The Trump family has threatened legal action over trumpcoin, a cryptocurrency creat
Bitcoin Worth $282K from the 2016 Bitfinex Hack on the Move
Bitcoin Worth $282K from the 2016 Bitfinex Hack on the MoveThe cryptocurrency community has noticed a number of bitcoins from the August 2, 2016, Bitfinex breach has been moved. A s