After already three auctions of tens of thousands of bitcoin confiscated from the owner of the online exchange Silk Road, it is time for another auction of confiscated bitcoin, this time seized from one of the Australian dealers. After three auctions of tens of thousands of bitcoin confiscated from the owner of the online exchange Silk Road, it's time for another auction of confiscated bitcoin, this time seized from one of the Australian dealers. Law enforcement agencies of the Australian state of Victoria managed to seize the money already in the second half of 2013, however, they had to hold off on selling it until the final court verdict in the case. Such a verdict was finally reached and a 32-year-old Australian citizen, Richard Pollard was found guilty of commercial distribution of narcotic substances (also via Silk Road exchange) and sentenced by the District Court of Melbourne to 11 years imprisonment without the possibility of applying for parole for the first 7 years and 4 months of his sentence. Of this he has so far served over two years. After the sentence was announced, Pollard still had 28 days to appeal. After that time, the bitcoins were officially seized and destined for auction, which the Victoria State Department of Justice will be in charge of. Its exact date is not yet known. Officials of the department do not hide the fact that they care about the best possible auction of the confiscated bitcoins, so the possible date of the auction may largely depend on the current exchange rate of the cryptocurrency: The Justice Department is considering various options for selling seized bitcoin in this case. Given the volatility of the bitcoin price, it is important that their sale on the open market be conducted at a time that guarantees the highest possible value." - says one of the representatives of the department. It is worth noting that at the end of 2013, the seized 24.5 thousand bitcoin was then worth up to $ 32 million. This is because at that time, the exchange rate of BTC will reach, a record so far, the value of about $ 1100. Since then, however, we have been dealing with a dynamic decline in the price of the cryptocurrency. Taking into account its current exchange rate, the seizure is now worth less than $7 million. It is therefore hardly surprising that officials of the Department of Justice of the Australian state of Victoria are holding off on announcing a final auction date. Photo under Creative Commons license: flickr.com Any reproduction, distribution, electronic processing or transmission of content from bitcoin.pl website requires prior permission from the portal. Tags Australia bitcoin btc auction
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