UK’s First Seized Bitcoin Auction Notes Major Global Interest

When law enforcement agencies target online criminals, there is usually a link to Bitcoin. In several cases, these agencies effectively manage to gain control over criminals’ Bitcoin holdings. Those funds are usually auctioned off to the highest bidder. In the UK, the first such auction took place this week. An intriguing development, primarily because other currencies were part of the deal as well.

The TalkTalk Incident

Several cyber-attacks plague society every single day. While not every attack proves to be successful, those that are often caused major damages. In the United Kingdom, the TalkTalk hack has gained a hefty reputation of its own. Numerous customers’ records were lifted from the provider and resold on the darknet. The person responsible for this hack is known as Elliott Gunton. This particular darknet user has built up quite a repertoire over the years, eventually leading to his arrest.

Gunton was found guilty of providing hacking service in exchange for Bitcoin, Ether, and XRP. Additionally, he also sold the customer records from the TalkTalk hack online, earning him a hefty penny. It is believed Gunton owed over $450,000 worth of Bitcoin alone at the time of his arrest. Given the drop in price over the past 18 months, the total holdings were sold off for a much lower price. 

Related Post

The Successful Auction

It is interesting to note how this was the first seized Bitcoin auction in the UK. In the United States, these auctions have become somewhat notorious. The US Marshals auctioned off various lots of funds obtained from Silk Road operators over the years. It is evident that this business model has inspired other governments to take a similar approach. It is a viable strategy, as these law enforcement agencies cannot hold on to the cryptocurrencies themselves.

This particular auction was conducted as part of the ERSOU asset recovery process. The ERSOU is the Eastern Region Special Operations Unit. Although all assets have a value of up to $600,000, they were sold for roughly $300,000 when everything was said and done. A bit of an underwhelming tally in the end, but one has to keep in mind cryptocurrencies and digital assets continue to fluctuate in value. As such, this appears to be a fair value, as the assets were sold in various sized lots. 

Massive International Attention

As is usually the case where these types of auctions are concerned, there is plenty of international interest. It is expected over 7.500 bids were received spread out among the different lots. Noteworthy interested parties originated from Brazil, Australia, the US, Canada, Singapore, and Dubai. This further confirms cryptocurrencies are still of global interest primarily when they can be bought on the cheap.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Published by
JP Buntinx

Recent Posts

Polygon (MATIC) Bull Run | PEPE Price | BlockDAG’s Huge Presale

BlockDAG’s Rapid Climb As Leading Future Crypto With $32.4M Presale, Outshining Polygon’s Rally And PEPE’s…

4 hours ago

ETFSwap (ETFS) Can Turn Teenagers Into Crypto Millionaires, Challenges Floki (FLOKI) And Pepe (PEPE) For Dominance

Floki (FLOKI) And Pepe (PEPE) are strong contenders in the meme coin space, which has…

7 hours ago

3 Altcoins Trading Under $0.1 That Can Secure Generational Wealth For Crypto Investors

Three altcoins, Floki Inu (FLOKI), ETFSwap (ETFS), and Pepe (PEPE), all under $0.1, present a…

7 hours ago

XMR and Tron Facing Challenges? Raboo Sets New Standards for Meme-Driven Coins

Every cryptocurrency presents an investment opportunity that can potentially deliver huge and  substantial returns to…

7 hours ago

Discover Why BlockDAG is Surpassing Ethereum and SUI as the Top Crypto Project in 2024

Over $30M Raised In Presale, BlockDAG is  Now Surpassing Ethereum & SUI as the Top…

24 hours ago

Solana Memecoin Dogwifhat ($WIF) Sees Price Surge And Sharp Drop Amid Whale Activity

Yesterday, the popular Solana-based memecoin Dogwifhat ($WIF) experienced a significant price surge, climbing from $2.80…

1 day ago