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Feds Seize Bitcoins, Conduct Public Auction of $4.3 Worth

Feds Seize Bitcoins, Conduct Public Auction of $4.3 Worth

The US Marshals agency will auction off $4.3 million or 660 Bitcoins that were seized in a series of federal criminal and civil cases over the years. Many of the convicts from whom these coins were seized from are behind bars. The US Marshals Service is a federal agency that specializes in law enforcement and is part of the US Department of Justice – an arm of the federal courts. Starting next month, bidders will be able to participate in auctions conducted in a A Series and B Series. These series will be broken up into 100 coin lots and 60 coin lots. Anyone interested as a potential bidder must register before October 31, 2018. The Bidder Registration Form, as well as a photo ID and $200,000 deposit sent by EFT or electronic funds transfer from a bank within the US is also needed.

In auctions, the agency sold 3,600 BTC in 2013, as part of the Silk Road system that sold drugs on the darkweb. Ross Ulbricht was sentenced to life in prison for this crime. It seems that 29,656 BTC were confiscated in the Silk Road arrests which were sold for approximately $48 million in the following years. It is said that the FBI is one of the largest holders of Bitcoin, buying $140 of the product years ago and still holds this position – but this is not confirmed.

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JMB

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Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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