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The US Marshals Service Bitcoin Auction, Explained

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The US Marshals Service Bitcoin Auction, Explained

The U.S. Marshals Service is in the final stages of a sealed-bid auction for about 3,813.0481935 bitcoin “forfeited in various federal criminal, civil and administrative cases.”

The seized cryptocurrency have been packaged into three separate series: five blocks of 500 bitcoin, five blocks of 100 bitcoin and one block of about 813 bitcoin. At today’s prices, the assets amount to $25.45 million, $5.09 million and nearly $8.28, respectively, according to Bitcoin.com.

Global bidders registered mid-January with a $200,000 deposit originating from a U.S. bank, and the subsequent auction period closed Monday afternoon.

The highest-bidding eligible bidder will be privately notified by 5 p.m. Monday of their prize. In the case of a tie, the earliest placed bid will win, and if the winning bidder defaults by failing to transfer the purchase price funds by 2 p.m. Tuesday, the next highest bidder will be contacted.

The government department will immediately transfer the bitcoin after payment is received, at which point it will also refund all deposits.

The process of auctioning seized assets is not uncommon for the U.S. Marshals Service. Various real estate properties and vehicles, including a 1980 Hawker Siddeley 700A aircraft, are currently up for sale, and the assets are updated regularly.

Related Links:

Analysis: Bitcoin Has No Role In Asset Allocation

Former Wells Fargo CEO Calls Bitcoin A Pyramid Scheme

Posted-In: Bitcoin U.S. Marshals U.S. Marshals ServiceCryptocurrency News Legal Markets Best of Benzinga

 

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