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French Government To Auction $34M Worth Of Bitcoin Seized From Hackers

·1 min read

The French government might be the unintended beneficiaries of a cryptocurrency hack that took place in 2019.

What Happened: According to reports by French publication Cyberguerre, the French government plans to auction the cryptocurrency it seized from alleged hackers of London-based cryptocurrency platform GateHub.

The French Agency for the Management and Recovery of Seized and Confiscated Assets (AGRASC) said that it would auction 611 bitcoins, which amounts to over $34.8 million at the current price.

Paris-based auction house Kapandji Morhange will reportedly auction the 611 bitcoins on March 17.

See also: How to Buy Bitcoin (BTC)

Of the bitcoins up for auction, 610 correspond to what was seized by the courts during the investigation of the GateHub hack.

The accused hackers have not been given sentences yet. If they are cleared of all charges, they will receive all the proceeds of the French government's planned Bitcoin sale.

Why It Matters: The GateHub hack, which took place in July 2019, involved cyber criminals gaining access to customer accounts on the cryptocurrency platform.

Two of the individuals tied to the crime were Nassim B and Gabriel KAB, also known by their online aliases Prosox and Kurois'h, who were also found guilty for hacking the Despacito video on Youtube in 2018.

What Else: Incidentally, the U.S government also plans to auction some Bitcoin between March 15 and 17.

The U.S General Services Administration, which typically uses its auctions to sell surplus federal equipment to the public, said it plans to auction 0.7501 of a Bitcoin later this week.

Image: Tingey Injury Law Firm via Unsplash

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