Wednesday, February 19, 2020

U.S. Marshals Service to Auction $37 Million Worth of Bitcoin

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Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

The U.S. Marshals Service will be auctioning approximately 4,040.54069820 Bitcoins. And is, therefore, calling on the general public to fill a request form as a show of interest in bidding for the coins. Also, the crypto assets to be auctioned were obtained from various federal criminal, civil and administrative cases, according to a press release on February 3, 2020.

U.S. Marshals Service to Auction Forfeited Bitcoins

Per the press, the U.S. Marshals Service will be auctioning approximately 4,040.54069820 Bitcoins (about $37 million) on February 18, 2020. As such, the federal law enforcement agency invites members of the public who wants to purchase a share of these Bitcoins.

According to the U.S. Marshals Service, interested individuals have to fill a Bidder Registration Form between February 3, 2020, and February 12, 2020. The form is their official show of interest in purchasing the auctioned asset. In line with that, individuals who neither fill the form nor submit it before the deadline are not qualified for the action.

“You will not have the opportunity to view other bids. You will not have the opportunity to change your bid once submitted,” the release said.

Bidder Registration Form to be Submitted with $200,000

The Bidder Registration Form shows that those who intend to bid must send $200,000 to the U.S. Marshals Service. There’ll be a refund if they are unable to bid and claim the Bitcoins.

Also, the 4,040.54069820 Bitcoins that will be auctioned have been segmented into groups. In this case, there are series A, B, C, and D to represent 500, 100, 50, and 40.54069820 Bitcoin blocks respectively. These blocks denote whole quantities of BTC that can be purchased in each series. The total amount of Bitcoins allocated to series A, B, C, and D are 2,500, 1,000, 400, and 40.54069820.

Bitcoins Were Forfeited in Various Criminal Cases

Furthermore, the U.S. Marshals Service revealed that the Bitcoins to be auctioned were forfeited in various federal criminal, civil and administrative cases. Some of the largest quantities came from FBI Administrative Forfeiture (535 BTC), DEA Administrative Forfeiture (104.34765685 BTC), and HSI-USCBP Administrative Forfeiture (35.25012887 BTC).

In January 2018, the U.S. Marshals Service also auctioned 3,813.0481935 Bitcoins. 2,170 Bitcoins were also sold in March 2018. The federal law enforcement agency later announced an auction of 660 Bitcoins in October 2018. Often times, these seized Bitcoins are sold at a price lower than the current market price.

South Korea and the UK Auction Bitcoins

Several countries in the past have also auctioned Bitcoins. In 2017, the South Korean government auctioned 216 Bitcoins that were reportedly used for illegal financial activities.  Wilsons Auctions, a United Kingdom and Ireland-based auction house also allowed 315 Bitcoins to be bid in February 2019.

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