US Marshals to Auction Off $4.3 Million in Bitcoins • Live Bitcoin News

The United States Marshals Service is conducting a sale of 660 bitcoins which were forfeited in various federal cases.


Auction of Bitcoins by a Government Agency

A federal law enforcement agency of the U.S. government, the United States Marshals Service (USMS), is holding an auction for the sale of 660 bitcoins. The digital assets were confiscated during investigations into various federal criminal, civil, and administrative cases.

The announcement, which has been made on the official website of the agency, says:

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.

The notice further mentions:

Please note that Sunday November 4th is a time change in the eastern U.S. (you are responsible for knowing the time during registration and the auction).

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Bids Invited

The bidders need to make a deposit of $200,000 to participate in the auction. The sealed bid auction is separated into two series – A (6 blocks of 100 Bitcoins) and B (1 block of 60 Bitcoins).

The participants won’t be able to view the other bids and change their bid once it is submitted. Deposits need to be made for both the series.

Process for Participating

The auction process is divided into three phases:

Phase I (Bidder Registration): The registration opens at 8:00 AM EDT, Monday, October 22, 2018, and closes at Noon EDT, Wednesday, October 31, 2018. Interested entities need to register with the USMS first, submitting the required documents as specified in the notice.

Only applicants that receive a confirmation from the agency can bid. Documents submitted after the deadline won’t be considered, and participants from earlier auctions also need to send documents again. Further details about the registration form and method of deposit are specified on the website.

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Phase II (Online Auction Period): The auction will be live on Monday, November 5, 2018, from 8:00 AM EST to 2:00 PM EST. Only eligible registered bidders who have received an official bid form from the USMS will be able to participate. According to the notice, the prevailing bids will be determined by the following criteria:

  1. The eligible bidder who offers the highest price will be the prevailing bidder;
  2. If there are multiple bids at the highest price, the first bid received will prevail; and
  3. If a winning bidder defaults, the next highest bidder will be declared the winning bidder.

Phase III (Award and Sale Close): The notice explains:

The USMS will endeavor to notify the winning bidder(s) by 5:00 P.M. EST on Monday, November 5, 2018, however, the number of bids received and the complexity of the review process may require additional review time.

Detailed instructions for all phases, terms of sale, additional information, and frequently asked questions are available at the bottom of the announcement located on the official website of the USMS. The auction presents an excellent opportunity for investors who were looking to enter the BTC market now.

What is your opinion on the auction being conducted by the USMS? Do you plan on bidding? Let us know in the comments below. 


Images courtesy of Shutterstock.

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