United States Marshals Service to Hold an Auction for 2700 Seized Bitcoin

The Bitcoin loot, worth about $1.6 million, comes from a dozen American legal cases.

The U.S. Marshals Service, America’s oldest federal law enforcement agency, has announced it is auctioning “one block of approximately 2,700 bitcoins in connection with various federal criminal, civil and administrative cases.” The auction will take place during a 6-hour period on August 22, which at the current price level of $585 will net the sellers about $1.6 million.

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To register for the auction, potential bidders must complete all registration requirements by August 18, foreign citizen are allowed and forming a syndicate of buyers to participate is allowed as well. Additionally, a $100,000 deposit – made in US Dollars and sent by wire transfer originating from a bank located within the United States – is required to participate in the auction.

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These bitcoins were forfeited in various federal criminal, civil and administrative cases, including: United States v. Carl Mark Force IV; United States v. Sean Roberson; United States v. Ross William Ulbricht; Department of Justice, Bureau of Alcohol, Tobacco, Firearms and Explosives, Case No. 776075-14-0028;  United States v. 178.95842915 Bitcoins stored in MultiBit wallet XXXX4XDAd; Department of Treasury, Internal Revenue Service, Case No. 2015 9400 500008 01 001; United States v. Approximately $200,979.15 Seized from Tradehill, Inc., held in the name of Megan Thompson, et. al.; United States v. $309,305.24 in U.S. Currency, etc.,; and four cases from the Department of Homeland Security, United States Customs and Border Protection.

Back in June UK-headquartered multinational professional services firm Ernst & Young (EY) has been hired by one of its clients to help auction 24,518 confiscated bitcoins in Sydney, Australia after the lot was seized by authorities as proceeds related to crime, with an estimated value of just over $13 million at the relevant price rate.

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