Romanian authorities to auction confiscated Bitcoin (BTC)

Romanian authorities are going to auction off confiscated bitcoin. For the first time in the country’s history, the Romanian authorities are organising an auction of bitcoin confiscated in a fraud case.

Bitcoin auction

On 2 October, the Romanian National Agency announced the auction of the digital gold. The auction will take place on the basis of a ruling by the Ploiesti Court. In the ruling, the court obliged the auction of the bitcoin.

In a press release of the ANABI, it also became clear about the procedure. The winner of the auction has to inform the National Agency about his or her public BTC addresses. More specifically, the press release stated that it had to be BTC addresses linked to a crypto trading platform.

The exchange to which the Bitcoin Victory is sent must be a registered entity which complies with the financial regulations in Romania. It is not entirely clear why this is being done in this way. The winner of the auction can, of course, remove the bitcoin from the exchange in question.

It does show, however, that the Romanian authorities are not, in principle, in favour of in-house bitcoin. However, this seems to be a superfluous requirement, as the identity of the buyer must be known before the auction can be organised.

Auctioning is a first in Romania

The auction of bitcoin in Romania is therefore a first for the country. However, events of this kind have already taken place all over the world. Think, for example, of the bitcoin seized during the infamous Silk Road closure.

The online marketplace was run by Ross Ulbricht, who was sentenced to life imprisonment for his practices in relation to the exchange.

Multimillionaire Tim Draper bought more than 30,000 bitcoin at this auction, almost as much as MicroStrategy did recently. However, Draper only paid between $370 and $640 per bitcoin. A lot less than MicroStrategy paid last month.