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French government is going to auction 611 bitcoins confiscated before the big bullish

The French government will auction 611 bitcoins seized from hackers by the French authorities which were in the custody of the Seized and Confiscated Asset Management and Recovery Agency (Agrasc). The auction, which takes place next Wednesday (17), will be conducted by the auction house Kapandji Morhange, through the Interencheres platform.

According to Le Figaro, Agrasc’s general director, Nicolas Bessone, said that the auctioned bitcoins were confiscated in a cybercrime case last year, which was in the hands of the Paris prosecutor’s office. In the police action, 610 bitcoins were seized. The other bitcoin, he revealed to the newspaper, “comes from the confiscation of a court in the south of France”.

The agency must make a big profit on the operation. The dates of the seizures were between March and September 2010, a period in which the digital asset varied between $3.7 thousand and $10 thousand – today it is $57 thousand.

The trading sessions will take place in two periods, morning and afternoon, with 437 and 41 lots respectively. In the first, bids will be between 0.11 and 2 btcs and in the second from 0.5 to 20 btcs – in both, bids will vary between 40% and 60% of the bitcoin quote at the time of the event. Interested parties must complete a form and submit it by March 13. In both trading sessions, a security deposit of 1500 euros and 10,000 euros will be required.

During an interview with the BFM Business newspaper, auctioneer Ghislaine Kapandji recalled the auctioned bitcoins in the Silk Road case and highlighted the appreciation of bitcoin.

As he explained, the date of the auction becomes interesting because it was precisely on March 17 of last year that this event was discussed. At that time, bitcoin was trading at just over $5,000, eleven times less than its current price.

Next week, the General Services Administration (GSA), the US government agency that manages various types of property acquisition contracts, will also auction the cryptocurrency, but only a few fraction of bitcoins.

Despite being a small amount compared to previous auctions of other US government agencies, it is worth remembering the case of American investor Tim Draper, who, in a 2014 auction, won 30 thousand BTCs. At the time, the cryptocurrency unit was quoted at $650. They were confiscated in the Silk Road case, as Kapandji recalled.

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