UK authorities are set to auction half a million pounds worth of cryptocurrencies

Rajan Dhall, MSTA FX Daily

The British authorities are going to auction off half a million pounds worth of cryptocurrencies after they were confiscated from a 19-year-old who was found guilty of illegally supplying online personal data and hacking services, charging thousands of pounds for the services.

A month ago, Elliott Gunton of Norwich was sentenced to twenty months in prison and ordered to repay four hundred thousand pounds.

This is the first auction of its kind and will be handled by Wilsons Auctions, who will sell off the digital currency with no reserve next week.

They are no strangers to this kind of this as Wilsons Auctions managed the first public auction of bitcoin by a private auction company in March this year. They sold 315 seized bitcoin sold in an auction that had bidders participating from more than 90 countries. After that auction, Head of Asset Recovery, Aidan Larkin said, “We are thrilled to be awarded this first of its kind contract with the Belgium Federal Government to sell seized cryptocurrency, allowing us to open up the opportunity of investing to new buyers.".

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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