Australia to auction seized Bitcoins

Australia will conduct its first ever auction of Bitcoins confiscated by law enforcement authorities and become the second country ever to do so.

The sale’s facilitator, EY, said the tranche of around 24,513 Bitcoins valued at $AU16 million would be auctioned over 48 hours from midnight on June 20, in a statement released overnight.

The auction would make Australia only the second country globally to liquidate Bitcoins seized as proceeds of crime following similar auctions by the US Marhsals Service in 2014 and 2015.

They included coins seized in the prosecution of Silk Road founder Ross William Ulbricht.

EY did not reveal the name of its client selling of the seized currency. However, it may be linked to the seizure of around 24,500 Bitcoins from a Melbourne drug dealer reported in October 2014.

The auction coincides with a spike in the value of the popular digital currency which Bitcoin price index CoinDesk valued at $533.47 at 10.15 am today.

The Bitcoins would be sold in 11 lots comprised of 2000 coins and final lot comprised of 2,518 with bidders able to bid on multiple lots.

EY Transactions Partne Adam Nikitins said he expected most interest in the sale to come from Europe and the US.

“With each lot of Bitcoin valued at more than $AU1m, we are targeting sophisticated investors who can see the value in investigating in a growing digital asset,” Mr Nitikins said in a statement.

Potential bidders have been invited to lodge expressions of interest in the auction by June 7.

Join the CSO newsletter!

Error: Please check your email address.

Tags EYUSbitcoinsCoinDesk.comgovernmentsilk roadbitcoin blockchain

More about

Show Comments

Featured Whitepapers

Editor's Recommendations

Solution Centres

Stories by Andrew Colley

Latest Videos

  • 150x50

    CSO Webinar: The Human Factor - Your people are your biggest security weakness

    ​Speakers: David Lacey, Researcher and former CISO Royal Mail David Turner - Global Risk Management Expert Mark Guntrip - Group Manager, Email Protection, Proofpoint

    Play Video

  • 150x50

    CSO Webinar: Current ransomware defences are failing – but machine learning can drive a more proactive solution

    Speakers • Ty Miller, Director, Threat Intelligence • Mark Gregory, Leader, Network Engineering Research Group, RMIT • Jeff Lanza, Retired FBI Agent (USA) • Andy Solterbeck, VP Asia Pacific, Cylance • David Braue, CSO MC/Moderator What to expect: ​Hear from industry experts on the local and global ransomware threat landscape. Explore a new approach to dealing with ransomware using machine-learning techniques and by thinking about the problem in a fundamentally different way. Apply techniques for gathering insight into ransomware behaviour and find out what elements must go into a truly effective ransomware defence. Get a first-hand look at how ransomware actually works in practice, and how machine-learning techniques can pick up on its activities long before your employees do.

    Play Video

  • 150x50

    CSO Webinar: Get real about metadata to avoid a false sense of security

    Speakers: • Anthony Caruana – CSO MC and moderator • Ian Farquhar, Worldwide Virtual Security Team Lead, Gigamon • John Lindsay, Former CTO, iiNet • Skeeve Stevens, Futurist, Future Sumo • David Vaile - Vice chair of APF, Co-Convenor of the Cyberspace Law And Policy Community, UNSW Law Faculty This webinar covers: - A 101 on metadata - what it is and how to use it - Insight into a typical attack, what happens and what we would find when looking into the metadata - How to collect metadata, use this to detect attacks and get greater insight into how you can use this to protect your organisation - Learn how much raw data and metadata to retain and how long for - Get a reality check on how you're using your metadata and if this is enough to secure your organisation

    Play Video

  • 150x50

    CSO Webinar: How banking trojans work and how you can stop them

    CSO Webinar: How banking trojans work and how you can stop them Featuring: • John Baird, Director of Global Technology Production, Deutsche Bank • Samantha Macleod, GM Cyber Security, ME Bank • Sherrod DeGrippo, Director of Emerging Threats, Proofpoint (USA)

    Play Video

  • 150x50

    IDG Live Webinar:The right collaboration strategy will help your business take flight

    Speakers - Mike Harris, Engineering Services Manager, Jetstar - Christopher Johnson, IT Director APAC, 20th Century Fox - Brent Maxwell, Director of Information Systems, THE ICONIC - IDG MC/Moderator Anthony Caruana

    Play Video

More videos

Blog Posts

Market Place