Lately, an online auction has been conducted where a large amount of the Cryptocurrency that were once seized by the Belgian law enforcement has now been sold off through this auction to the buyers all over the world. The seized Cryptocurrency belonged to the drug dealers who used to sell merchandise through the dark web and distributed them to various other countries.
It is Wilsons Auctions, one of the top most auction companies that won the contract to auction the assets in the last month, sold off 315 Bitcoins to buyers belonging from 110 countries. In the latest auction conducted by the same company, the 24 hour auction yielded over 550,000 pounds. Earlier in 2017, the Belgian authorities have dealt with a similar case of auctioning that involved around 1050 Bitcoins from different vendors selling the drugs in the dark web. Since then, the government has implemented laws on stipulating appropriate methods for liquidating the seized Cryptocurrency.
Wilsons Auctions has been awarded a contract by Belgium last month owing to which the company will certainly gain a lot. According to Adrian Larkin, the head of asset recovery of the company stated that the huge investment for the firm’s infrastructure and systems will provide solutions not limited to Belgium. The contract certainly will increase the Cryptocurrency capacity of the Wilsons’ in a way that will reduce the risks that are associated with the virtual currency that are not regulated.
Adrian Larkin disclosed in an interview with the Belfast Telegraph that by far they have auctioned criminal assets amounting to a minimum of 100 million pounds within the last five years. Larkin also anticipates that Wilsons Auctions will set foot in various other countries such as Nigeria, Malta and Malaysia. Since such auctions avail a legal and the more controlled channel for the authorities to liquidate Cryptocurrency in the market that will be possible to regulate the Cryptocurrency trade.