Germany, seized Bitcoin up for auction
Germany, seized Bitcoin up for auction

Germany, seized Bitcoin up for auction

By Fabiana D'Urso - 27 Oct 2021

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In Germany, the judiciary has put seized Bitcoin up for auction. 

It was perhaps the auction with the highest response rate ever recorded in this field. The German judiciary implemented the legal procedure according to which assets seized by the police can be sold through an auction.

Germany, €95 million in Bitcoin up for auction

This is a case of a historic fight against cybercrime that Germany has been pursuing extensively for some time. The amount of funds is very interesting with more than 5000 users registered in just 48 hours after the announcement. A first tranche of 215 Bitcoin as well as a single lot of 10. The auction will end today.

Based on the fluctuations in the price of the famous cryptocurrency, the Ministry of Justice of North Rhine-Westphalia has calculated an approximate gain of around 95 million euros.

Hilal Tanrisever, a spokesman for the Ministry, echoed the words of the German people, namely that never before had an auction predicted such a high return.

This auction raises an entirely new issue. Before auctioning off the assets seized in large-scale operations against the dark web, the ministry’s lawyers developed a hypothesis. A hypothesis that later turned into a concrete goal. To consider treating cryptocurrency in the same way as institutional money. This is because it is money that is being auctioned and not stolen goods, which normally follow a basic sales process.

Germany Bitcoin
Germany, seized Bitcoin up for auction

The government’s fight against cybercrime goes through Bitcoin

The conclusion is that Bitcoin could be treated in exactly the same way as any other asset seized from crime.

The auction is directly organized by the Ministry of Justice, the Public Prosecutor’s Office and the Central Office for Cybercrime. In addition, the State Information Office and the departments of Communication and Technology are also participating in the operation.

Germany is known for its internal economic plans always aiming at capitalizing. This auction stands as an opportunity for great economic return.

Markus Hartmann, head of the central office for combating cybercrime was very supportive. He argued with great judicial emphasis that the weakening of criminal groups linked to the IT sphere passes above all through operations such as this.

The auction website of the ministry, Justiz Auktion, has seen an exponential increase in traffic in the last few hours, especially for ads related to the sale of Bitcoin.

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