Wilsons Auctions launches UK’s first seized cryptocurrency auction

Wilsons Auctions' first Timed-Online Auction of Cryptocurrency proved successful for Wilsons Auctions.

Wilsons Auctions kick-started the new year by launching the UK’s first seized cryptocurrency auction, with a 24-hour Timed-Online Auction of monero coins from midday on Monday 7th January.

The cryptocurrency, which was seized under the Proceeds of Crime Act by a UK law enforcement agency, will see 167.7 monero coins sold in what is thought to be the first auction of its kind to be held by an auction house world-wide.

As a well-established company with over 80 years of experience and continuously growing its portfolio of assets sold, Wilsons Auctions has been preparing to facilitate the addition of cryptocurrency auctions for several years, working with leading international experts.

This is the first of a series of cryptocurrency auctions that will be hosted by Wilsons Auctions in the coming weeks, having successfully won a contract with the Belgium Federal Government’s Asset Management Office to facilitate the storage and sale of seized cryptocurrencies.

The new contract will see the company offer support to investigators across Belgium that will enable it to securely seize cryptocurrencies such as bitcoin, ethereum, monero and ripple. This is the first time investors and potential bidders will have the opportunity to take part in a live online auction where they can view the live price of each Lot and place bids.

Wilsons Auctions’ Head of Asset Recovery, Aidan Larkin said “It is a very exciting time for Wilsons Auctions, having recently secured significant tender wins with Staffordshire Police, West Mercia Police and HMRC as well as being awarded at the TRI Awards, we are now launching into 2019 with our first timed-online cryptocurrency auction.

“Following huge investment into our systems and infrastructure, we are able to offer government and law enforcement agencies throughout the UK, Ireland and internationally, a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by an auction company with significant experience dealing with seized assets.

“We are currently working with over 40 government and law enforcement agencies both nationally and internationally, managing a wide variety of assets and are delighted to be further expanding with the introduction of cryptocurrency and securing the contract with the Belgian Federal Government,” he concluded.

A family owned business, Wilsons Auctions was formed in 1936 in Northern Ireland and has grown to become the largest independent auction company in the British Isles with sites in the Northern Ireland, Republic of Ireland, England, Scotland and Wales. Through its significant government auctions, Wilsons Auctions in recent years has been responsible for realising in excess of £85 million worth of government assets which has been returned to the public purse.

Following the auction, Aidan Larkin spoke of its success, “We are delighted to report on the success of our first cryptocurrency auction where 167.7 Monero coins were auctioned to the highest bidder via our timed online auction platform. The auction, which was a first in the UK, attracted interest from 69 countries and following over 700 bids from registered participants, the final value realised was above the market value of monero for that day.

“We are delighted with the result of this auction, which was a first for any auction company in the UK, as monero can be considered one of the more niche coins on the market at present. Customer feedback recognised that this route to buying cryptocurrency through an established auction house via our online platform simplified the process than through an exchange.

“As a trusted supplier to government agencies across the UK, Ireland and worldwide, we are delighted to be continuing the success of this auction with upcoming Bitcoin auctions. To keep up to date please visit the Wilsons Auctions website,” he concluded.