According to several reports, the U.S. government has announced another Bitcoin auction on August 22, selling 2,719 BTC — worth $1.6 million USD at press time — confiscated by authorities. This will be the latest auction of cryptocurrency since the last U.S. Marshals (USMS) sale last year.
Multiple Forfeiture Cases Allows USMS to Hold Another Bitcoin Auction
The bitcoins that were forfeited to the U.S. Marshals come from several different criminal cases. The last auction the government held was for the final blocks of the seized Silk Road coins. This particular sale also includes money coming from the Silk Road marketplace, with bitcoins seized from special agent Carl Force.
The U.S. Marshals state in their announcement:
These bitcoins were forfeited in various federal criminal, civil and administrative cases.
This auction includes seized bitcoins associated with various cases, including the controversial United States v. Carl Force, Sean Roberson, Ross William Ulbricht case.
In order to participate in the auction, potential bidders must register by August 18. Applicants have to pay a deposit fee of $100,000 when registering, which must be deposited “in US Dollars sent by wire transfer originating from a bank located within the United States.” Bid data will not be disclosed to participants, and they cannot change their bids once submitted.
On Monday, August 22, 2016, at 5:00 P.M. EDT, the USMS will disclose the winners of the auction. The winner must also send a wire transfer for the cost of the winning bid. The USMS statement details:
No bitcoin transfer will be made until the USMS has confirmed receipt of all purchase funds. The bitcoin transfer process will begin immediately following receipt of purchase funds. The winning bidder will be given private instructions related to the transferring of the bitcoins.
The announced sale follows the Australian auction held on June 20, 2016, which sold $16 million worth of bitcoin in Sydney. The government auction held in Australia was hosted by Ernst & Young, one of the “Big Four” audit firms.
What do you think about the latest USMS sale of Bitcoin? Let us know in the comments below.
Images courtesy of Pixabay and Bitcoin.com.