$13 Million in Bitcoin to Be Auctioned in Australia
An auction in Sydney will put up over $13 million ($18 million AUD) in bitcoin for auction next month. The bitcoins were confiscated as “the proceeds of crime”, announced global services firm Ernst & Young, referring to the now-defunct online dark market, Silk Road. Ernst & Young Australia will hold an international auction for 24,518 bitcoins (approx. $13.03 million at the time of publishing) confiscated from an Australian national involved in drug market Silk Road. The bitcoins were seized last year following the sentencing of Melbourne native Richard Pollard. Arrested in late....
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Financial services firm Ernst and Young has announced it has successfully auctioned off 24,518 Bitcoins at a closed international auction which ended on June 21. The auction was the first of its kind in Australia and the second ever globally. Bidders were made to deposit $250,000 as well as meet other financial requirements to bid for the available 11 lots of 2,000 Bitcoins and one lot of 2,518 Bitcoins. Going by its current rate (1 BTC = $634), the auctioned 24,518 Bitcoins are worth about US$16 million. The Bitcoins are the proceeds of crime as part of the civil forfeiture connected to....
Since the cryptocurrency grew in the last few years, it also has become the favorite place for fraudsters and cybercriminals to loot money. Per the latest estimates, Australia records significant losses indicating crypto scams are on the rise in the state. According to the stats viewed by the Australian Competition and Consumer Commission (ACCC), Australia […]
Three months after embracing crypto, Lloyds Auctions house reportedly sold a legendary rally car for $360,000 in Bitcoin. Bitcoin (BTC) adoption is growing in the auction world, where privacy is a key concern. An anonymous buyer purchased a legendary rally car driven by iconic rally figures Colin McRae and Carlos Sainz, which was thought to be long-lost in an auction for half a million Australian dollars ($360,000) and reportedly used Bitcoin as a payment method.Australian auction house Lloyds Auctions announced that the 1994 Subaru Prodrive 555 Group A World Rally Championship Car had....
The United States, where Bitcoin was born in practice if not byinvention, and China are the established market leaders in Bitcoin investment, accounting for about two-thirds of the trading at exchanges worldwide. Their two currencies, the Dollar and Yuan, handle the vast majority of the global transactions as well. Meanwhile, the most talked about and burgeoning Bitcoin market in 2014 has probably been "The Land Down Under." Now the Bitcoin's effect on Australia has been quantified with impressive results. Australia and Bitcoin: Is This Love? Recent estimates show that Australia manages 7%....
ATO (Australian Taxation Office) just released its guidance on the tax treatment of cryptocurrencies. The set of regulations coincides with Australia's 2013-1014 income tax returns. It has been a long time coming as CoinTelegraph initially reported that the ATO is planning to prepare the guidelines, and then postponing, then offering slightly more clarity, and now here we are. Bitcoin's popularity in Australia as well as New Zealand is booming, and increasingly more local startups are looking to adopt the cryptocurrency. Currently, there are 190 active companies in Australia using Bitcoin....