US Marshals to Sell $1.6 Million in Bitcoin at Auction

The US government has announced it intends to sell off just over $1.6m in bitcoin confiscated from various criminal cases.

AccessTimeIconAug 8, 2016 at 2:15 p.m. UTC
Updated Dec 10, 2022 at 9:22 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The US Marshals Service (USMS) is set to auction off 2,700 BTC worth just over $1.6m next month.

The agency said in a statement todayhttps://www.usmarshals.gov/assets/2016/bitcoinauction/ that the bitcoins being sold are connected to a number of criminal and civil cases that have been pursued by the US government in recent years.

These include bitcoins from cases involving former federal agent Carl Force IV and convicted Silk Road administrator Ross Ulbricht, as well as bitcoins confiscated by the US Department of Homeland Security; the Bureau of Alcohol, Firearms and Tobacco; and the Internal Revenue Service.

The auction will consist of one block, with a $100,000 deposit required. The registration deadline is 18th August, and the auction will take place between 13:00 and 19:00 UTC on 22nd August.

Winners will be notified on that day, according to the USMS.

The auction is the first USMS sale of the digital currency to take place this year, and one of several conducted by the agency in the past two years. Many of the bitcoins previously auctioned were tied to the investigation into the Silk Road dark market.

Earlier this year, a tranche of roughly 24,500 BTC was auctioned off by Ernst & Young after it had been confiscated from a former Silk Road user.

Federal marshal image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.