Over $ 34 million of bitcoins will be unveiled soon, as both the US and French governments will auction for BTC from March 15 to March 17. The US government did not disclose where BTC came from. The French, on the other hand, will sell the funds seized from the government hackers at auction.

 

Why the auction is held

According to French publication Cyberguerre, the country’s government will auction the cryptocurrency captured from hackers by a London-based cryptocurrency service GateHub. The platform was hacked last year.

As Yahoo Finance reported, the French Agency for Management and Recovery of Seized and Seized Assets (AGRASC) will auction a total of 611 BTC worth approximately $ 34 million at current prices.

Kapandji Morhange, a Paris-based auction house, will auction 611 BTC on March 17th. 610 of the cryptocurrencies that went up for auction are Bitcoins seized during the investigation of the GateHub hack. It is worth noting that the aforementioned hackers have not yet been convicted and if they are cleared of all charges, they can receive the proceeds from the auction.

Similarly, the US General Services administration will auction 0.75 BTC under lot 4KQSCI21105001. Bidding for the parties is scheduled for March 15-17 on a platform where the government auctions surplus federal assets including supplies, computers, cars and more.

Bitcoin auctions are often held when governments seize assets from hackers or criminals. Most famously, it dates back to 2014, when the US auctioned 30,000 BTC seized from darknet market Silk Road.

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