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German authorities put confiscated bitcoins worth more than US$12 million up for auction

Officially confiscated bitcoins worth millions of dollars were put up for auction by German authorities (Image: Executium)
Officially confiscated bitcoins worth millions of dollars were put up for auction by German authorities (Image: Executium)
Due to German laws, the seized bitcoins worth millions of dollars cannot just be sold for traditional currency on a crypto marketplace, but instead have to be officially auctioned like any other confiscated object of value.

While many legitimate investors are currently flocking to the surging crypto market in order to invest in digital currencies like Bitcoin, some criminals apparently also prefer to abuse cryptocurrencies for illegal transactions since they probably make it more difficult to trace and prosecute them. This is why German authorities occasionally seize bitcoins, which by law have to be auctioned instead of just being converted into the traditional European currency. According to a report by a reputable German news outlet, such a crypto auction took place this Monday in North Rhine-Westphalia, where the authorities put bitcoins worth more than US$12 million up for sale.

In this case, the bitcoins were confiscated when law enforcement uncovered an illegal online drug trade in the dark web. For security reasons, the authorities opted to print these bitcoins on paper and seal them in envelopes. However, storing crypto by printing private keys and bitcoin addresses on paper is known to be unsafe, which is why the winners of this auction should be advised to transfer their new bitcoin to another wallet, like the Ledger Nano S hardware crypto wallet (from US$59 on Amazon) for example.

Bargain hunters who are interested in acquiring crypto should not get too excited, because the bid price of the aforementioned auction in Germany quickly exceeded the current value of said bitcoins. But since the authorities in Germany's most populous state have already seized an additional US$14.5 million worth of bitcoins, it is quite likely that there will be more unusual crypto auctions in Germany in the future.

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Enrico Frahn
Editor of the original article: Enrico Frahn - Tech Writer - 927 articles published on Notebookcheck since 2021
My fascination for technology goes back a long way to the Pentium II era. Modding, overclocking and treasuring computer hardware has since become an integral part of my life. As a student, I further developed a keen interest in mobile technologies that can make the stressful college life so much easier. After I fell in love with the creation of digital content while working in a marketing position, I now scour the web to bring you the most exciting topics in the world of tech. Outside the office, I’m particularly passionate about motorsports and mountain biking.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 10 > German authorities put confiscated bitcoins worth more than US$12 million up for auction
Enrico Frahn, 2021-10-27 (Update: 2021-10-27)