In less than two weeks, the US Marshals Service (USMS) will organize an auction where nearly $ 25 million worth of Bitcoin will be bidding.
The announcement was made on 4th March 2018 via USMS’ website. The agency sells about 2,170 BTC, which were collected from numerous criminal activities, money laundering and other illegal activities.
Some of the crypto money resources have been confiscated from Shaun Bridges – a former Secret Service agent who has been involved in investigations on dark web market Silk Road. He was subsequently arrested and suspended from his position because of corrupt acts, including a 20,000 BTC theft from operator Ross Ulbricht.
Save the date: 19 March 2018!
The auction is scheduled on 19 March, between 8 AM and 2 PM. It’s supposed that the sale will be separated into three series. The series A will include two blocks of 500 BTC, series B will consist of 11 blocks of 100 BTC and series C- only 1 block of nearly 70 BTC.
Instructions for interested parties
The rules for participation are simple and well-defined. All interested parties are required to fill out a registration form and make a $ 200,000 deposit into the USMS account until next week. According to the USMS’ statement, once you have submitted the bid, there is no way back and not method to check other bids.
“THIS NOTICE DOES NOT CONSTITUTE AN OFFER TO SELL BUT INVITES INTERESTED PARTIES TO SUBMIT A BID FOR PURCHASE. THE FOLLOWING INFORMATION IS BEING PROVIDED WITHOUT RECOURSE TO THE UNITED STATES OF AMERICA AND THE UNITED STATES MARSHALS SERVICE.”, wrote USMS.
According to the USMS’ statement “The prevailing bids will be determined by the following criteria:
- The eligible bidder who offers the highest price will be the prevailing bidder;
- If there are multiple bids at the highest price, the first bid received will prevail; and
- If a winning bidder defaults, the next highest bidder will be declared the winning bidder.”
The case of Ulbricht
The USMS agency is not at its first involvement in the organization of crypto auctions. The most remarkable auction remains the case of Ulbricht. Seized funds were auctioned by the beginning of 2018 worth $ 50 million, an equivalent to the exchange rate of that period of 3,813 BTC.
Last week, the Department of Justice asked a judge to allow them to confiscate more than 500 BTC from those who violate the legislation in force. Thus, it is assumed that the new crypto confiscated resources will be bidding in the next auctions.
Anyone interested in Bitcoin auction should respect carefully the instructions mentioned by US Marshals Service. Check the official statement and make your bids.
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