Germans astonished by seized Bitcoin auctioned at a discount

Prosecutors in Germany are required, pursuant to the law, to put seized items such as bitcoin up for auction. An online auction of seized bitcoin that was initially priced at a discount aroused astonishment in Germany. The minimum bid was set at 42,400 Euros, below bitcoin’s recent price above $63,000.

The minimum required bid was 42,400 euros in the auction that began Monday and was announced by the Justice Ministry of North Rhine-Westphalia. German prosecutors reportedly held an auction to sell bitcoin seized by law enforcement agencies, attracting people seeking to buy the cryptocurrency at a discount.
Bitcoin during Monday’s session traded above $63,000, rising by nearly 5%. The first bidder in the German auction offered 56,060 euros ($65,010).

Tens of millions of euros worth of bitcoin went up for public sale on Monday after the crypto was seized in connection with crimes, including cybercrime taking place over encrypted Darknet, according to a translated report by Süddeutsche Zeitung, a daily newspaper published in Munich.