US Marshals To Auction 2,170 Bitcoinsbr>
The US Marshals will be auctioning off approximately 2,170 bitcoins valued at about $25 million that were seized in various federal criminal, civil, and administrative cases. The auction will take place on March 19.
The bitcoins will be broken up into 14 blocks consisting of 70, 100, or 500 units. To participate in the auction, individuals are required to put down a deposit of $200,000 and complete all the required registration forms by March 14. The winning bidder will be notified privately the same day as the auction.
“The deposit of the winning bidder will be retained by USMS and credited towards the purchase price. If the winning bidder fails to close on the transaction through no fault of the USMS, the winning bidder will irrevocably forfeit the deposit to the USMS,” the agency said. “The deposit of any bidder whose bid is not selected as a winning bid will be returned to the original account from which the deposit was received. We will begin processing return of deposits immediately following the close of the bitcoin transaction(s). We hope to process all returns within five (5) business days, but high participation may result in slightly longer return times.”
A majority of the listed crimes from which the bitcoins were seized are associated with DEA administrative forfeitures. Among the cases listed is that of Shaun Bridges, the former Secret Service agent who was sentenced to prison after being accused of stealing funds during the Silk Road investigation.
The auction will be the seventh auction of bitcoins the US Marshals has held. Last month, the agency auctioned off more than 3,600 bitcoins to five winning bidders, an amount worth more than $30 million at the time. In 2016, US Marshals sold 2,700 bitcoins. Estimated market value at the time was nearly $1.6 million.