Bitcoin buyers are flooding a German law enforcement website as authorities sell seized crypto at a discount
- An online auction of
seized bitcointhat was initially priced at a discount spurred a frenzy in Germany, according to reports.
- The minimum bid was set at 42,400 euros ($49,197), below bitcoin's recent price above $63,000.
German prosecutors reportedly held an auction to sell bitcoin seized by law enforcement, attracting people seeking to buy the cryptocurrency at a discount.
The minimum required bid was 42,400 euros ($49,197) in the auction that began Monday and was announced by the Justice Ministry of North Rhine-Westphalia, according to Bloomberg.
Bitcoin during Monday's session traded above $63,000, rising by nearly 5%. The first bidder in the German auction offered 56,060 euros ($65,010).
Tens of millions of euros worth of
An announcement on Twitter of the auction sparked a frenzy as 4,000 new users signed up on the auction platform, Bloomberg reported. Proceeds will go to North Rhine-Westphalia's treasury, said the Süddeutsche Zeitung report.
Prosecutors must hold an auction for cryptocurrency as they do for other big-ticket items law enforcement takes into its possession, such as luxury cars and helicopters. Authorities in Germany's largest state over the years have seized bitcoins worth tens of millions of euros.
Bitcoin's price last week reached an all-time high of $66,930.39, according to CoinMarketCap, a day after the first bitcoin-futures ETF launched.
- Wild video shows Florida police officers wrangling a huge alligator in the middle of the street
- Elon Musk and more than 1,000 people sign an open letter calling for a pause on training AI systems more powerful than GPT-4
- What is an indictment? What it means for someone to be indicted by a grand jury and why Trump was charged
- Amul hikes milk price by ₹2/ltr in Gujarat
- GST mop-up rises 13% to ₹1.6 lakh crore in March, second highest collection ever
- White House refuses to pay for Twitter's Blue verification: Report
- Italy bans ChatGPT, orders investigation over privacy breach
- IISc researchers design tiny supercapacitor capable of storing large amount of electric charge