PUBLISHED: 20:15 September 30, 2019 | UPDATED: 20:15 September 30, 2019
The bad winnings of a Norwich teen computer hacker have been sold to the highest bidder in a "historic" auction – knocking out almost £ 250,000.
But after a "significant market dip" in the value of cryptocurrency Bitcoin in recent months, revenues were just over half of the value seized from Elliott Gunton.
The 19-year-old had been released from court in August despite being given 20 months of immediate custody, as he had already been sentenced to remand in custody at that time.
He had admitted to infiltrating the computer systems of Australian telecom giant Telstra so that he could take control of an Instagram account with a whopping 1.3m users.
He had also been there
His wealth with Bitcoin – at that time valued at £ 407,359.35 – was seized by the police and confiscated by the court.
And last week, the cryptocurrency hamst auction was auctioned off – the first ever on instruction from a UK police force.
The crypto assets, which include Bitcoin as well as other forms of online currency such as Ripple and Ethereum, fetched over 240,000 pounds at Wilson's Auctions after being sold to the highest bidders on Wednesday and Thursday last week.
Detective Inspector Martin Peters, of the ERSOU Cyber Crime Unit, said: "This historic auction will help us give the public confidence in our open, transparent system to secure the proceeds of crime in a safe and innovative way.  "Asset recovery in a digital world has evolved, so it's really important that we, together with commercial partners, have a clear process for storing and selling cryptocurrency.
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