Bitcoin Buyers Flood German Law Enforcement Website Selling Discounted Seized Crypto

Jesse Williams

By Jesse Williams

Jesse Williams

30 Oct 2021

Crypto enthusiasts rushed to a German prosecutors website in hopes of snagging discounted bitcoin seized by law enforcement.

The auction announced by the Justice Ministry of North Rhine-Westphalia required a minimum bid of 42,400 euros (£30,982) with tens of millions of euros worth of bitcoin going up for public sale.

A reported 4,000 new users signed up on the auction platform looking to make a tidy return on the cryptocurrency which was trading at around $62,837 on the day, more than double the low of 29,671.91 on July 20. 

The bargain crypto was seized in connection with crimes, including cybercrime taking place over encrypted Darknet.

If you’re asking why the authorities didn’t just sell the crypto at market rate themselves German prosecutors are legally required to auction seized items just like any other stolen good.