Romania’s National Agency for the Management of Seized Assets plans to carry out the first auction of confiscated cryptos in its history.
According to the agency's official website, it plans to auction small amounts of Bitcoin and Ethereum confiscated during a fraud case. Specifically, the authorities will auction 0.97 ETHs at a starting price of 1,670 lei ($403) and 0.6 BTCs at a price of 30,535 lei ($7,382.56).
It should be noted participants in the auction must comply with certain requirements. They must be a legal entity or a company that has customer verification processes in force and complies with the requirements of the Romanian financial laws in the fight against money laundering. Besides, winning bidders must provide data on the addresses associated with the crypto exchange.
This is not the first time a country decides to auction cryptos confiscated during anti-fraud operations. Thus, in February it was known the US Marshals Service had auctioned 4,040 Bitcoins (valued at around $37M) confiscated during several operations.
The UK police also auctioned £300,000 ($369,000) worth of Bitcoin, Ethereum, XRP and Bitcoin SV in September last year.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.