US Marshals to auction off $1.6m in bitcoin on August 22

The U.S. Marshals Service (USMS) announced that they will be auctioning off 2,700 bitcoin (approximately $1.6 million) later this month.

According to the official announcement, the bitcoin were forfeited in various federal criminal, civil and administrative cases, including former federal agent Carl Force IV, Silk Road mastermind Ross Ulbricht, along with bitcoin confiscated by the Internal Revenue Service, the US Department of Homeland Security, the Bureau of Alcohol, Firearms and Tobacco, and others.

The auction will consist of one block, with a $100,000 deposit required. The registration deadline is 18th August, and the auction will take place between 13:00 and 19:00 UTC on 22nd August.

The winning bidder must wire purchase funds to the USMS by 2:00 PM EDT on Tuesday, August 23, 2016. Failing to provide the USMS with a copy of the wire transmittal receipt by this date will result in disqualification of the bidder, forfeiture of the bidder’s deposit and selection of another winning bidder.

The auction is the first USMS sale of the digital currency to take place this year, and one of several conducted by the agency in the past two years.