An auction held in the United Kingdom featuring Bitcoin and altcoins seized from a hacker earned law enforcement sales of above-market prices. British authorities made $369,000 (£300,000) through the auction of seized cryptocurrencies.
The prices paid for Bitcoin surpassed the current market value for enunciated cryptocurrency.
Up for auction was 62 lots of cryptocurrency sold, which included Bitcoin (BTC), Ripple (XRP), Bitcoin Satoshi Vision (BSV), and Ethereum (ETH). Wilsons Auctions reported that they received 7,500 bids from across the globe, including nations such as the United States, Dubai, Australia, Brazil, Canada, and Singapore.
Bidders were willing to pay above-market prices to acquire the seized Bitcoins. One Bitcoin sold for $8,365 (£6,798.80) and 0.5 Bitcoin sold for $4,236 (£3,443.68). 0.25 Bitcoin sold for $2,426 (£1,972.74).
At the time of the auction, Bitcoin was selling for $8,012 (£6,512).
The cryptocurrencies were seized from 19-year-old British Elliott Gunton, a well-known financially motivated hacker.
Gunton acquired his funds through several illegal activities. He was recently found guilty of selling stolen personal data and hacking services for cryptocurrency.
He was recently sentenced to 20 months in jail and ordered to repay $491,000 (£400,000).
Gunton is known for partaking in the TalkTalk hack in 2018 where bank account information for 156,959 accounts was illicitly accessed, costing the company more than $94.5 million (£77).
Gunton was also recently indicted by American authorities for allegedly hacking cryptocurrency exchange EtherDelta in 2017. This security breach involved Gunton modifying the website’s DNS settings to redirect web traffic to a clone site which was utilized to steal user login credentials and user funds.
Wilsons Auctions had initially reported that £500,000 ( $662,000 ) worth of cryptocurrency was to be put for auction, which we have endeavoured to clarify.
The U.S. Marshals Service has held several high-profile auctions over the past few years featuring Bitcoin seized from criminals. For instance, last November saw the sale of 3,813 Bitcoins that were worth $42 million at the time of the auction. Venture capitalist Tim Draper made a profitable investment back in 2014 when he purchased a majority of 50,000 Bitcoins that were seized from the Silk Road marketplace. Draper paid $365 per Bitcoin.
Currently, one Bitcoin is trading for $7,968.