US Marshals Plan to Auction $52M Worth of Seized Bitcoins

The U.S. Marshals announced on January 11 that the agency has plans to have another online bitcoin auction on January 22. The six-hour auction will see the sale of 3,813 bitcoins ($50Mn USD) seized from various criminal cases.

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A Six-Hour Online Bitcoin Auction

The U.S. government is selling bitcoins again, and this time it’s a fairly sizeable USD sale that the agency hopes to finish in a six-hour timeframe. The U.S. Marshals (USMS) explain in a recent press release that the sale will be a “sealed bid auction” for approximately 3,813 bitcoins. Participants looking to buy these particular bitcoins have to initiate a deposit of $200,000 USD.

“These bitcoins were forfeited in various federal criminal, civil and administrative cases,” explains the USMS announcement.

This sealed bid auction for approximately 3,813 bitcoin separated into three series: Series A (5 blocks of 500 bitcoins), Series B (5 blocks of 100 bitcoins) and Series C (1 Block of approximately 813 bitcoins).

US Marshals Plan to Auction $52M Worth of Seized Bitcoins

Bidder Requirements

Interested parties not only have to cough up $200K but they are also required to register with the USMS. Multiple documents must be submitted, and the USMS will review all the applicants to see if they are eligible bidders. The required documents include filling out the bidder registration form, a photo ID, the $200K deposit must derive from a U.S. bank, and a copy of an EFT transmittal receipt.

Bidders who win the block auctions must pay all cash, and the amounts Read More Here