Seized Bitcoin on sale for five times its value at an auction.
In an auction of seized Bitcoin by authorities from France, a buyer paid for a lot for an amount of $290,000 per Bitcoin.
The French government has auctioned a collection of seized Bitcoin – and a Bidder paid five times over the current price of BTC for a lot.
A mysterious participant in the auction, where the French government sold $34.5 million worth of Bitcoin seized during the investigation of the 2019 GateHub hack, paid €26,800 ($31,900) for a lot of 0.11 BTC.
As it was publicized by famous French crypto reporter, Gregory Raymond, the buyer paid five times more than the actual value of all the Bitcoin.
With Bitcoin recently changing hands at prices just over $55,000, buying the similar amount of Bitcoin at an exchange will cost around €5,160 ($6,144) – this means that the unlucky buyer bought their 0.11 BTC at a rate of $290,000 per Bitcoin.
According to the terms of the auction, an additional fee of 14.28% applies for transferring the coins to the successful bidders. It means that the individual who has purchased it will have to part with an extra €3,827 ($4,555) to see if the cryptocurrency arrived in their wallet.
Over the course of the auction, the rest of it is sold at prices normally in line with Bitcoin’s current market valuation.
It is not clear if the bidder experienced a technical mistake; they were even lucky that they didn’t boost their bid on a 2 BTC lot, as it would have cost them over $660,000, including the auction fees.
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