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$430K in Confiscated Crypto to Be Sold Off by Irish Auction House
seized by Belgian law enforcement from online drug dealers are to be put under the hammer by an -based auction house.
Wilsons announced Monday that it has signed an agreement with the federal government of
to hold an auction of the funds with no reserve, including 104.99 each of (BTC), bitcoin cash () and bitcoin gold (). The total value of the cryptocurrencies is around $431,660 at the time of writing.
“The bitcoins were seized by the Belgium police as a result of a drug trafficking case in which the criminals used the to sell drugs,” Wilsons Auctions said.
The international auction will start at 12 noon (GMT) on March 1, with the cryptocurrencies divided into lots, the release states. The bitcoin will be sold in 0.5–4 BTC lots, while the BCH and BTG will be offered in larger lots.
This is not the first time Wilsons has held an auction of cryptocurrencies. Last month, it sold off 167.7 (XMR) tokens, which had been seized under the Proceeds of Crime Act by a U.K. law enforcement agency.
Aidan Larkin, Wilsons’ head of asset recovery, said at the time that the monero auction received interest from 69 countries and that “following over 700 bids from registered participants, the final value realized was above the market of monero for that day.” The U.S. Marshals Service has also previously held several major . Most recently, in October, it announced it would hold an auction to sell off nearly $4.3 million worth of bitcoins the following month.
https://www.instagram.com/bitcoin.info/
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Has a Problem
No one seems to know what to do about .
Since its genesis, regulators and courts around the world have struggled with whether to and how to regulate it. Depending on where you are in the United States, for instance, it either is or is not illegal to sell your bitcoin for cash without a state . That’s because depending on where you are, bitcoin is either money or it isn’t, and selling bitcoin is either money transmission or it’s not.
And in some places, it may be, but no one has decided. So, you need a license to sell your bitcoin… unless you don’t.
As a first-generation member of the rapidly emerging legal community, I have seen how regulatory inconsistencies increase the cost of innovation and drive businesses from jurisdictions that lack clear guidance or take a hostile view of the and virtual currency industry. Following the Third District Court of Appeal’s Florida v. Espinoza decision, Florida now does both.
As explained below, this is due to a widespread and fundamental misunderstanding of the very nature of bitcoin.
Espinoza says bitcoin is a payment instrument
The recent appellate opinion decided that selling bitcoin requires a Florida money service business license, overruling the trial court’s order that dismissed criminal charges against Mitchell Espinoza who was alleged to be operating an unlicensed service business by selling bitcoin.
The trial court dismissed the charges, concluding that bitcoin was not a “payment instrument” under Florida law, and that selling bitcoin was not money transmission. The Third District disagreed with both of these conclusions, that bitcoin is a “payment instrument” because the Court had evidence that individuals were willing to accept bitcoin in exchange for goods and services.
The Court cited no technical authorities regarding the development, uses or structure of Bitcoin for non-financial purposes, but instead focused on the fact that Bitcoin could be used as a means to convey value. .
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Back Above $4k: Bitcoin’s Price Jumps to a Two-Month High ’s price climbed back above $4,000 on Saturday for the first time in over two months as the broader market flashed green.
At 18:00 UTC on Saturday, the world’s largest cryptocurrency by capitalization surpassed the $4,000 mark to ultimately reach $4,146 – its highest price since Dec. 24 of last year, according to pricing data from CoinDesk.
Bitcoin’s price has since pulled back slightly, now at $4,104, but current figures still represent a considerable 20 percent increase since the beginning of the month.
Bitcoin is usually accompanied by the broader cryptocurrency market when its picks up a strong bid and the developments on Saturday were no exception.
As a result, many other well known we able to record notable gains. Names like NEO, QTUM, and NEM have all appreciated more than 9 percent in the past 24-hours.
Meanwhile, lesser known cryptocurrencies out of the world’s 100 largest are flashing even more impressive price growth, including NEXO and S4FE (S4F), who are up 24 and 78 percent at press time, according to data from Coinmarketcap.
The capitalization of the entire cryptocurrency market has increased 16 percent over the past seven days to reach it highest value in over eight weeks of $141 billion. Also of note, the global weekly cryptocurrency trading is currently registering $176 billion, which is its most in a single week since the first week in May of 2018, Coinmarketcap data further reveals.
https://www.instagram.com/bitcoin.info/
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