Auction on the seized 2,170 Bitcoins worth $25 Million – who wants some?

The U.S. Marshals Service has planned to auction 2,170 Bitcoins that were seized from the cases that involved in federal, criminal and civic activities. The Bitcoins have been collected by US Law enforcement agencies in various cases.

The worth of Bitcoin is estimated around 25 million USD. The auction has been planned to happen on March 19th, 2018. The procedure and eligibility of public who can take part in the auction is described in the official memo published by the officials. Eligible candidates need to submit the relevant documents and would be evaluated by March 14th, 2018.

To participate in the bidding, the would-be-bidders need to submit a deposit of 200,000 USD and fill out the other documents including the bidder registration form. They also need to furnish a lot of personal information about the business that they currently are a part of and their bank accounts details.

The US Marshal has made an official statement:

“The USMS will not transfer Bitcoin to an obscene public address, a public address apparently in a country restricted by the Office of Foreign Assets Control (OFAC), a public address apparently associated with terrorism, other criminal activities, or otherwise hostile to the United States.”

This month’s auction on 19th March has 14 separate blocks for sale. Of the 14 blocks, 2 blocks are of 500 BTC each, 11 blocks are of 100 BTC each and 1 block at 70 BTC.

March 19th sale marks the second sale by the US agency in the period of one month. This also indicates the importance of the increased value of Bitcoin. The last auction during the month of January saw 3,600 Bitcoins being distributed to 5 successful bidders.

The US agency gained around 30 million USD in the last auction. The coin in their docket was only a worth of 1.6 million USD during the year 2016 where 2700 coins were auctioned.

Although, few investors are not happy with this decision by US Marshal.

Twitter username cryptoaimee090 says:

“if bitcoin is a scam, why would USMarshallsauction them off? #bitcoin #cryptocurrency”

Sasgora, another cryptocurrency enthusiast says:

“They probably have no clue about forks, and certainly don’t know how to claim them. If the auction includes the original private keys they might contain forked coins.”

The origination of the Bitcoin tokens that are to be auctioned has been listed online, which includes many high profile criminal and federal cases like the ones which involve Shaun Bridges, the ex-secret service agent, and his alleged involvement in the Silk Road Investigation.

The plans of the agency to conduct an auction at regular intervals has affirmed the fact that the agency is not interested to keep the highly-valued Bitcoins in their docket simply. The funds raised by the agency through these auctions are planned to be utilized for developmental process and purpose.

Source: Read Full Article

Leave a Reply

click fraud detection