US Marshals to sell 2,170 bitcoins in March
Coins for auction were seized in connection to various crimes. All bids must be made in cash in US dollars.
The United States government announced that it will sell 2,170 bitcoins at an auction held later this month.
The US Marshals Service, America’s oldest federal law enforcement agency within the Department of Justice, revealed the six-hour online cryptocurrency auction will take place on March 19 from 8:00 a.m. – 2:00 p.m.
The 2,170 bitcoins were seized in connection to various federal criminal, civil and administrative cases.
The cryptocurrency will be offered for sale in a series of three blocks – two blocks of 500 bitcoins, eleven blocks of 100 bitcoins and one block of 70 bitcoins. Bidders must provide a $200,000 deposit to enter the auction.
Participants will not have the opportunity to view other bids or change their bids once submitted. Additionally, all bids must be made in cash in US dollars. The US Marshals notice also reminded bidders that Sunday, March 11 is the beginning of daylight savings in the US and that participants should be aware of time differences.
The US Marshals Service said potential bidders must complete all registration terms by noon EST March 14.
For further information on the bidding process and auction rules check out the US Marshals’ assets website.
This isn’t the first time the US government has sold off seized cryptocurrencies. The US Marshals Service sold off nearly 4,000 bitcoins at a similar auction held in January this year. Throughout 2014 and 2015, multiple auctions were held following the prosecution of Silk Road black market creator Ross Ulbricht.
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