US Marshals to Sell Out $37 Million Worth of Bitcoin in February

US Marshals to Sell Out $37 Million Worth of Bitcoin in February

Later this month, the U.S. Marshals Service will auction more than $37 million in bitcoins seized during legal investigations.

The United States’ government agency revealed in a press release Monday that on Feb. 18 the Marshals would sell “about” 4,040 bitcoin, worth $37.7 million for registered bidders. Bidders are required to register by 12 Feb, it said.

“The auction will take place during a six-hour period Feb. 18. Bids will be accepted by email from pre-registered bidders only,” the release said.

It will also allow bidders to make a $200,000 deposit before they can sell. Participants who don’t win their bids get those back.

According to US Marshals website: the bitcoin will be sold in four lots:

“This sealed bid auction for 4,040.54069820 Bitcoin separated into four series: Series A (5 blocks of 500 Bitcoin) and Series B (10 blocks of 100 Bitcoin) and Series C (10 blocks of 50 Bitcoin) and Series D (1 block of 40.54069820 Bitcoin). You will not have the opportunity to view other bids. You will not have the opportunity to change your bid once submitted”.

The bitcoin for this month’s auction comes from more than 50 administrative forfeitures and legal cases.

“The USMS will notify all bidders about their eligibility to participate in the auction by email no later than 5:00 PM EST on Thursday, February 13, 2020,” the USMS said in its statement.

In the summer of 2014, the Marshals held their first bitcoin auction–which saw investor Tim Draper win by nearly 30,000 BTC across 10 auction blocks.

A number of other auctions have been held in the years since, including more coins confiscated during the U.S. government’s investigation into the now-defunct underground marketplace Silk Road.

In a related context, Kings Launches Blockchain-Powered Auction Platform, National Basketball Association (NBA) said in a release.

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