US Marshals To Auction 660 Bitcoins

US Marshals To Auction 660 Bitcoins

The U.S. Marshals Service are planning to auction off about $4.3 million worth of seized Bitcoins

In an announcement made on Wednesday, the federal law-enforcement agency said that in it’s planning to auction off approximately 660 bitcoins that were forfeited in 31 federal criminal, civil, and administrative cases. Scheduled to November, the auction is to be held in two parts: 6 blocks with 100 bitcoins each and a block with the remaining 60. The entrance fee is $200,000.

The US Marshals are once again bringing seized bitcoins to the hammer, as the planned auction will take place only months after the agency sold off 2,100 and 3,600 bitcoins in January 2017 and March 2018, respectively, totaling to over $50 million.

A fill-in on auctioned bitcoins

The U.S. Marshals Service is the oldest American federal law-enforcement agency founded in 1789 during the Presidency of George Washington. Despite its age, the agency got the hang of offloading ill-gotten bitcoins pretty quickly. In 2013 the U.S. government seized about 144,000 bitcoins from Ross Ulbricht, the creator of Silk Road, and almost 30,000 bitcoins from the darknet market’s servers. The bitcoins were successfully auctioned off in the following years bringing the agency dozens of millions of dollars.

The practice of auctioning seized bitcoins disproves the existence of ‘dirty bitcoins’, an idea so ardently promoted by bitcoin opponents, and demonstrates the fungibility of bitcoin.

Daily reminder to our readers to backup your private keys and to use cold wallets for safe storage.

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