UK police raise almost $300,000 in auction of crypto

Police in the UK raised almost $300,000 by auctioning off a convicted hacker’s cryptocurrency haul, CNBC reports.

                                

The crypto assets, which included Bitcoin (BTC), Ripple and Ether (ETH), raised more than £240,000 ($295,150) when they were sold off by the UK’s Eastern Region Special Operations Unit (ERSOU) on Wednesday and Thursday last week.

However, Wilsons Auctions, which did the sale, had said that the cryptocurrency had a fluctuating value of up to £500,000 a week before the auction.

This marked the first time a British police force had auctioned any form of cryptocurrency as part of an asset recovery order.

Funds raised from the sale will be reinvested in crime prevention efforts, according to the ERSOU.

More than 7,500 bids were placed on the auction which was separated into 62 different sales, Wilsons Auctions said, with bids coming from various countries including Brazil, Australia, the U.S. and Singapore.

It also noted that a single bitcoin achieved an average sale price of £6,798.80, close to its current trading price.

In a press release on Monday the ERSOU said that the assets were seized from an unnamed hacker.

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