Germany auctioned the confiscated bitcoins at a discount, people rushed to buy them to make a profit

The German law enforcement auction site experienced a bout of bitcoin frenzy at midday on Monday, October 25, as crypto investors looked to snap up the deal. the name of electronic money.

Besides a Porsche Cayenne and a harp, a pool of bitcoins seized by prosecutors began being posted for sale at noon local time in search of the highest bidder.

The Ministry of Justice of North Rhine-Westphalia, Germany’s largest state by population, previously announced a Bitcoin auction worth up to “8 digits” in euros. And they immediately received a flood of calls and responses related to this information. In just a few days, more than 4,000 new users have registered on the auction platform.

The minimum bid requested was 42,400 euros (about $49,281) and the highest bidder came up with a price of 56,060 euros ($65,010).

On the same day, in the cryptocurrency market, bitcoin is trading at around $62,837, up sharply from the $29,671 recorded on July 20. The bitcoin price last week hit an all-time high of $66,930.39.

Due to the belief in the growth potential of this cryptocurrency, buying them cheaply at a state auction can generate a large profit for the lucky ones.

“Every euro taken from criminal networks helps to weaken them,” the state Justice Department said on Twitter .

The bitcoins that have been seized have come mainly from cybercrime cases, mainly carried out in the Darknet. German prosecutors often hold auctions for high-value items owned by law enforcement, such as luxury cars and helicopters. Authorities in Germany’s largest state have over the years seized bitcoins worth tens of millions of euros.

Refer to Bloomberg