On February 28, U.K.-based Wilsons Auctions House will sell-off over 300 coins related to a dark web drug case in Belgium.
The auction house believes that this is one of the best ways to buy cryptocurrencies and many people consider the upcoming bidding a compelling event to watch.
The company hosts both in-person and online auctions, and on this particular one, they expect people from all over the world to take part.
In this auction, 315 coins in Bitcoin, Bitcoin Cash and Bitcoin Gold will be sold—making close to $400,000 or 300,000 pounds.
Authorities in Belgium originally seized the Bitcoins in a dark web drug trafficking case.
Seized Coins Connected to Darknet Operation up for Auction
The auctioning of seized cryptocurrencies is not the first of its kind in the U.K. A little over a month ago, the same auction house, Wilsons Auctions House, hosted an auction where Monero coins were sold.
The Monero coins that were put up for a sale divided into 10 lots and a total of 167 coins were sold. The funds were previously seized by U.K. law enforcement and sold for less than 10,000 pounds.
The Monero auction was the first in the series of auctions to take place around the world’s cryptocurrency market.
At the upcoming February 28 auction, Wilsons Auctions House will sell coins spread across Bitcoin, Bitcoin Cash and Bitcoin Gold.
The cryptocurrencies will be split into lots. In a single lot, there will be a minimum of .5 BTC available for the buyers to purchase.
Auction House an Alternative to Crypto Exchanges
According to Wilsons Auctions House’s announcement of the event, they believe their auction system is a much better alternative to unregulated crypto exchanges.
Although there are multiple exchanges that are regulated and the buyers can choose from, Wilsons Auctions House believes they are the smarter and safer choice for the bidders.
The intention of holding such auctions is to welcome new investors as well as new buyers on the market, ultimately making the crypto coins available for everyone.
The Bitcoin auction will start at 12 p.m. GMT Thursday and will continue for 24 hours.