Sweden

By | October 20, 2017

The Swedish government has successfully auctioned off some bitcoin, collecting more than the prevailing market rate in the sale.

The 0.6 BTC – along with an equal amount of bitcoin cash, which was not previously dsiclosed – were sold by the Kronofogden during a week-long auction for a total of 43,000 kroner, equal to roughly $6,841 at press time.

Sweden

When the auction was first announced last Thursday, the BTC up for grabs was valued at about $3,200. Bitcoin cash, according to CoinMarketCap, is currently trading at around $330.

According to Digital Di, Sweden’s largest digital news organization, the identity of the winning bidder isn’t immediately known, nor has the Kronofogden issued an official statement marking the conclusion of the auction.

The auction’s unveiling last week was a notable one, given that the Kronofogden – which acts as a kind of debt collection agency – had acquired the cryptocurrency holdings as part of its official duties. According to Di Digital,  one of the other bidders, a member of the day-trading podcast Borspodden confirmed they participated but said they did not win the auction.

Kronofogden is not the first government agency to sell seized bitcoin. Earlier this month, the U.S. Department of Justice formally took possession of $48 million it accrued through the sale of 144,336 bitcoins since the closure of the Silk Road dark market.

At the press-time price of about $5,650, those holdings would be worth more than $800 million.

Image via Tupungato / Shutterstock.com.

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Sweden

By | October 13, 2017

A government agency in Sweden dedicated to debt collection is auctioning off some bitcoin this week.

In a statement, the Kronofogden (known also as the Enforcement Authority) said today that it would sell roughly 0.6 BTC, an amount worth roughly $3,100 at press time. Though the statement didn’t explicitly state the source of the funds, local media reports indicate that the debt was assessed against a local company.

Sweden

The agency said that it would begin the auction today, which is scheduled to last through next Thursday, and called for interested parties to reach out about participating.

Johannes Paulson, the agency’s operations developer, said in a statement:

“Assets are not just the car on the driveway or the money [in a] bank account. We live in a digital world, and now we are looking for assets in computers and hard drives as well as in telephones and web services.”

With the move, Sweden becomes the latest government to auction off holdings of the cryptocurrency.

The U.S. government, for example, held several auctions of bitcoin it obtained through its investigation of the now-defunct dark market Silk Road. As previously reported, the government has only just taken possession of the proceeds from those auctions following a long legal fight with convicted Silk Road operator Ross Ulbricht.

Editor’s Note: Some of the statements in this article have been translated from Swedish.

Auction hammer image via Shutterstock

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