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French Authorities To Auction Bitcoins Worth Over $34 Million Seized From Hackers

The French government, who caught the criminals that stole from several crypto exchanges and seized the bitcoins they stole, has for the first time made plans to auction about 611 bitcoins that were seized from the hackers in the coming week.

The auction would take place at Paris-based auction house Kapandji Morhange where the sale of the 611 bitcoins would be divided into two, with 478 lots altogether, each lot having about 0.11 to 20 bitcoins. 

According to information on Kapandji Morhange’s website, the first sale, consisting of 437 lots of between 0.11 and two bitcoins, will commence at 9 A.M. The second sale will start by 2 P.M consisting of 41 lots of between five and 20 bitcoins will be auctioned.

The total 611 bitcoins, which is worth a little over $34 million as at the time of writing, will be auctioned off, and the proceeds will be consigned and transferred to an account of the Caisse des Dépôts et Consignations for the meantime.

The majority of the bitcoin seized from the hackers in 2019 and 2020 is claimed to come from cryptocurrency platform GateHub after its security system was breached and bitcoins worth millions of dollars were stolen.

The attack happened in 2019, but through France’s Agency for the Recovery and Management of Seized and Confiscated Assets (AGRASC), the French government arrested the offenders and seized the bitcoins from them. 

A court case was opened for the offence and has not ended as the accused are yet to be found guilty. However, If the court rules the case in favor of the accused, the proceeds gotten from the bitcoin auction sale will be transferred from the Caisse des Dépôts et Consignations account to their account.

The bitcoin theft from GateHub is not the first time the security of the cryptocurrency exchange was breached. A former report on Coinfomania showed that the Ripple friendly wallet lost about 23 million XRP (appr. $9.2 million) taken from over 80-90 victims.

This breach was brought to the company’s notice by a Ripple enthusiast named Thomas Silkjær. However, a week later, cryptocurrency exchange ChangeNow helped GateHub retrieve about 500,000 XRP from the 23 million stolen Ripple funds.


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