France’s government to auction off 611 bitcoins tomorrow
The French government is set to auction off more than 611 bitcoins tomorrow, reportedly worth over $30 million at Bitcoin’s current exchange rate. The event will allow bidders to buy bitcoins from the government.
France to sell 611 BTC
An auction house in France is set to host the sale of 611 BTC tomorrow on behalf of a French government agency. The bitcoins are worth roughly $34 million, with the leading cryptocurrency trading just above $55,000 per coin.According to a local media outlet report, the auction will start at 9 a.m. tomorrow and will comprise of 437 individual sale lots, ranging from 0.11 BTC to 2 BTC. The bidding will be for a wide range of coins as the auction house won’t sell the entire bitcoins to a single buyer.
The auction is taking place on behalf of AGRASC (also called the French Agency for the Recovery and Management of Seized & Confiscated Assets). According to the auction notice, interested participants should have registered before March 13.
Bitcoins are from the GateHub hack
According to French publication Cyberguere, the bitcoins stemmed from the 2019 hack of exchange service GateHub. Although the hackers stole XRP tokens from the trading platform, they converted them to BTC.It is becoming a popular scenario to see governments auctioning off seized bitcoins. Most of the cryptocurrencies are from illicit transactions such as drugs, arms and theft. The US government began auctioning off 0.7501 BTC (roughly $39,000), as several governments worldwide have done over the past few years.
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