The South Korean government will soon auction 216 BTC (Bitcoin) confiscated during a criminal investigation in 2016, according to the South Korean daily Seoul Economic Daily, the current value of that amount of BTC amounts to about $ 5.4 million.
The cybernetic investigation unit of the provincial police agency of South Gyeonggi, carried out the operation where a 33-year-old individual was arrested. It should be noted that this is the first auction of this type carried out by the local government. According to the Korean Asset Management Corporation (KAMCO), the asset management operation of the country that oversees the properties and development of the state, financial assets seized, including digital coins, became government properties subject to public auctions.
It is expected that the final offer could be slightly lower than the market price, which is currently at approximately $ 2,525, according to CoinDesk Bitcoin price index. KAMCO told the publication that 3% of sales will be returned to the South Korean government. The auction comes amid a boom in South Korea's local cryptocurrencies market.
Soon the South Korean government will give the date on which the auction will be held and even more details of the auction.