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The auction will follow a "blind auction" format, which differs from the direct sales methods used in previous transactions.

The regulatory body has proposed barring Kwon from holding any executive role in the securities industry and mandates a full disclosure of his financial dealings and assets.

The halving event effectively reduced the Bitcoin block reward from 6.25 $BTC to 3.125 $BTC, exacerbating competition among transactions on 20 April.