US Marshals Service Plans to Auction 37.5 Million in Seized BTC This Month

BTC worth 37.5 million are expected to be auctioned online later this month, the federal agency claimed in a statement here on Monday. The United States Marshals Service or USMS plans to auction over 4000 seized Bitcoins (BTC) on February 18.

As per the official USMS website, preregistered bidders will only be eligible to place their bids. The registration process has already begun on Monday and will continue till February 12. By February 12, a $200,000 deposit must be made in order to take part in the bidding process. The deposit shall be returned to the non-winning bidders only if they promise to start the return of losing bid deposits in 5 business days after transferring the BTC to the winning bidder.

Meanwhile, the Justice Department agency will send a notification to the registrants regarding their eligibility to participate in the bidding process by February 13, 5 pm.

USMS is planning to auction approximately 4050.54 BTC forfeited in several civil, administrative, and federal criminal offenses.

As per the USMS website, the auctioning of the BTC will take place in four various batches that will be further divided into smaller blocks.

In the first batch classified as Series A, 2500 BTC is expected to be auctioned in five blocks of 500 BTC each. It will be followed by 1000 BTC in 10 blocks, 500 BTC in yet another 10 blocks, and finally 40.54 BTC in the last batch.

The bidders will be required to deposit several forms in case they are keen to bid different prices for different blocks, added USMS.

Auction has emerged as a favored method for the USA’s law agencies to dispose of the BTC acquired in several legal cases.

Earlier, venture capitalist Tim Draper had won approximately 29,656.5 Bitcoin during a USMS’ auction of assets forfeited from the Silk Road marketplace website. This time $17 million BTC will reportedly have a value of $275.4 million

In the year 2018, the UK and Ireland-based leading auction house Wilsons Auctions organized the first BTC auction.

Recent Articles

2020: Crypto Regulations Updates Everyone Should Know!

The year 2020 is likely to be one of the most eventful ones from the ‘crypto angle,’ i.e., from the perspective of cryptocurrencies as...

Plus500 Review 2020 – What you need to Know before Signing up with this Broker

Overview Plus500 was established in the year 2008 and it offers online CFD...

eToro Broker Review 2020 – All You Need to Know About eToro Before Signing Up!

  Overview eToro was established in the year 2007, known as one of the leading social trading platforms. Offering more than 1,000...

Cryptocurrencies, an Alternative to Fiat Currencies Not Yet a Replacement

Cryptocurrency and blockchain technology have already created ripples in the world of finance and technology and revolutionized the way currency has been traditionally viewed. It...

Here’s How You Should Proceed Ahead With Crypto Investment in 2020

The growing popularity of cryptocurrencies has started a new trend of crypto investment wherein investors are ditching traditional stock markets in favor of cryptocurrency exchanges...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox