US Marshals to Sell $25 Million in Bitcoin at Auction

NEWS
Nikhilesh De
Mar 5, 2018 at 18:36 UTC  |  Updated  Mar 6, 2018 at 12:59 UTC

The U.S. Marshals are set to auction off nearly $25 million worth of bitcoin later this month.

The government agency announced Monday that it will put approximately 2,170 bitcoins on the auction block, with the sale planned for March 19. Would-be bidders must submit a $200,000 deposit and complete the registration requirements by March 14 to participate, according to the Marshals Service.

This month's auction will consist of 14 separate blocks, with two blocks of 500 BTC, 11 blocks of 100 BTC and one block accounting for 70 BTC.

According to the release, the bitcoins were confiscated in "connection with various federal criminal, civil and administrative cases," ranging from federal trials to Drug Enforcement Agency actions.

The provenance of most of the seized bitcoins is listed online, which notably mentions that some of the coins involved were traced to the case involving Shaun Bridges, the ex-Secret Service agent who was sentenced to prison after being accused of stealing funds during the Silk Road investigation.

The March 19 sale marks the latest bitcoin auction by the agency. Just last month, the U.S. Marshals auctioned off more than 3,600 bitcoins to five winning bidders, an amount worth more than $30 million at the time. It's also the second sale to take place within a nearly two-year period, given that prior to this year, the last auction occurred in mid-2016, when the agency sold 2,700 BTC

In what is perhaps a sign of how the value of bitcoin has increased since then, the coins on the docket that year were worth just $1.6 million at the time.

Auction image via Shutterstock

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