What happens to all Bitcoins that got confiscated as a result of federal investigations? Normally, the US government offers them to the public via auction. In the latest move like this, US Marshals auction seized Bitcoins worth $54 million.
12 January, AtoZForex – This Thursday, the US government has stated that it intends to auction 3,813 Bitcoins. The auction is about to take place on January 22, 2018. The key organizer of the auction – the US marshals service. This auction will involve selling Bitcoins seized in connection with federal criminal, administrative and civil cases.
US Marshals auction seized Bitcoins worth $54 million
The auction will take place in three rounds. The first round will present 5 lots of 500 Bitcoins, the second – 5 lots of 100 Bitcoins, with the final round selling-off the remaining 813 Bitcoins. It will be required to have a $200,000 deposit to participate in the auction in order to ensure the serious motives of bidders.
The US Marshals disclosed the number of cases, where the Bitcoins have been seized:
- United States v. Approximately 85.6971800 Bitcoins (Dakota Hower), District of Idaho (Case No. 17-00288)
- United States v. Aaron Michael Shamo, et al, District of Utah (Case No. 16-00631)
- United States v. Daniel Robert Summerfield, Eastern District of California (Case No. 17-00135)
- United States v. Alexander Konstantinovich Tverdokhlebov, Eastern District of Virginia (Case No. 17-00009)
- FBI Administrative Forfeiture of Various Bitcoin from Drew Callahan
- USPIS Administrative Forfeiture of 64.99255187 Bitcoins from wallet XXXXfVLXA
- USPIS Administrative Forfeiture of 5.80090739 Bitcoins from wallet XXXXJngi4
- USPIS Administrative Forfeiture of 11.6279 Bitcoins from wallet XXXXJPWT7
- USPIS Administrative Forfeiture of 53.05495044 Bitcoins from wallet XXXX4z96W
- Department of Homeland Security, United States Customs and Border Protection, Case Numbers; 2016330700028201, 20161603000009401, 201110100007601, 2017390100065401, 2017110100022201, 2017390100068001, 2017390100065401, 2017390100014601
In case someone wants to partake, they need to verify their identity by providing a copy of a government-issued photo ID. Some other confirmation proofs will apply if needed.
Bidders need to register by January 19th, while the winners will be informed on January 22nd. In case the USMS rules out that a particular participant is not eligible, the deposit will be returned.
US Government Bitcoin Auctions
As of the moment of writing, the value of one Bitcoin stands at $14,084.70, meaning that the worth of offered Bitcoin exceeds $50 million.
As a matter of fact, the US authorities have been accumulating millions of dollar of seized Bitcoins in the course of the recent years. Back in 2014, the officials have sold almost 30,000 Bitcoins that were confiscated from the Silk Road marketplace.
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