US Marshals Service Auctions Off Seized Bitcoins

The US Marshals Service, whose one of many jurisdictions covers the management of criminal assets, released that 660 bitcoins seized during criminal investigations will be publicly auctioned. This auction opens up the bitcoin market for those who wish to get them at a premium. The US Marshals announced the Bitcoin Auction will take place on November 5, 2018, from 8 a.m. to 2 p.m. EST.

The announcement also mentioned that in order to participate in the auction, potential Bitcoin investors need to register  before, 11:59 pm October 31, with a deposit of $200,000. The US Marshals also included that the 660 bitcoins will be set in bundles. There will be six bundles with one hundred of the flagship cryptocurrency in each and an individual one of sixty bitcoin.

The auction is a public event, however, bidding will be a private affair and immutable once made.

There is some controversy surrounding the auction. With the $200,000 registration fee, many believe that this will prevent average investors from having a shot of bidding. Another criticism is that, those with the funds to register, typically already have access to discounted cryptocurrency. There is also the added layer that this will add government intervention into a currency developed to minimize their involvement. The registration fee is refundable leading many to believe that the winners of the bundles will be able to get the bitcoins at a steal.