There is a sale scheduled for March 19, 2018, in which the US Marshals are aiming to auction close to $ 25 million in bitcoin (BTC). Mass selling would be a big part of their accumulated crypto stock lately.
Costly seat at the table: the specificities of the auction
They announced their plans for this auction on March 6, 2018, and detailed how there would be about 2,170 bitcoins put up for auction in this sale.
Any party wishing to register as a bidder must make a deposit of $ 200,000, as well as meet all the registration specifications before the auction in order to participate as indicated by the Marshals service.
The event should be divided into 14 different sessions, with two BTC 500 auctions, eleven BTC 100 auctions and a single auction of 70 BTCs for sale.
The statement said the Marshals’ Service confiscated bitcoins sold as a result of “various federal criminal, civil and administrative cases”. This premium covers everything from confiscations by the Drug Enforcement Agency (DEA) to federal trials.
Bitcoin has been widely used by criminals in recent years as a means of laundering and trading funds in a relatively anonymous way. Comparatively, it becomes by far the preferred alternative to fiat.
This change in transaction support is why the US Marshals bitcoin reserve is so important, as many criminals prosecuted by these government agencies have large stocks of bitcoins used in criminal activities.
The origins of most auctioned bitcoins have been published online.
In addition, some of these items were attributed to former secret service agent Shaun Bridges, who was sentenced to prison on charges that he stole funds from the police. investigation of the Silk Road.
He was convicted in 2015 for stealing $ 800,000 worth of bitcoins.
The Silk Road was effectively an eBay for criminal activities, such as buying and selling narcotics and weapons. It was closed by the FBI in October 2013, and they seized around 144,000 bitcoins.
In January 2018, there was another auction organized by the US Marshals, during which more than 3,600 bitcoins were sold to five bidders.
The total amount raised was more than $ 30 million. Another sale of this type took place in mid-2016, when 2,700 bitcoins were sold at auction.
The price of bitcoin has of course exploded since the beginning of 2017, with a total of $ 1.6 million. It is unclear whether bitcoin holdings in cash or gold bitcoin are included with these sums of bitcoin entered.
In recent years, many similar auctions have been organized by government authorities around the world, involving countries such as Australia, South Korea and Ukraine.