$4.3 Million In Bitcoin For Public Auction
United States Marshals Service is planning to auction 660 bitcoins forfeited from illegal actions. According to today’s price, it would be $4 283 400. The auction will take place on November 5th.
U.S. Marshals Service is a federal law-enforcement agency. The oldest American federal force (created in 1789) is a section of the U.S. Department of Justice. Right now, the agency reports to the U.S. Attorney General, but services as the U.S. federal courts’ enforcement unit. The primary purposes for the USMS are: chasing fugitives, protection of federal judiciary’s officers and management of the criminal asset.
Bitcoin for sale
The agency released a statement on Wednesday concerning the Bitcoin sale. The Marshals Service informed in the announcement that the sealed bid auction is for roughly 660 BTC gathered from federal crimes, civil and administrative cases.
Everybody can participate in this event. However, there are several requirements to meet. For instance, everybody who wants to purchase the coins, has to deposit $200,000.
There will be two series of the auction. The first one (Series A) will have six blocks of 100 Bitcoin each, the second one (Series B) will have one block of 60 Bitcoin. No participant will have the opportunity to view other bids. Once submitted, the proposal can’t be changed.
To participate in the bid, all interested have to register with the USMS.
On Monday, November 5th, an online action will take place. According to the statement:
“In order for your bid to be considered by the USMS, you must send via email to [email protected] a signed pdf copy of the Bid Form within the online auction period window.”
Money often costs too much
The coins came from crimes. On the website, everybody can find law cases, in which the bitcoins were forfeited.
One of the most recognizable felons from the list is Thomas Mario Constanzo. He is the former cryptocurrency trader and exchange operator from Arizona who was sentenced to 41 months in jail. He was guilty of laundering drug money with Bitcoin.
There are 30 more law cases in the statement.
In the recent month the United States have been dealing with financial crimes and trying to prevent any crypto scams. On Monday, we reported on North Dakota’s ICO ban on some shady startups.
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