US Will Auction Off Almost 4,000 Forfeited Bitcoins Worth $37 M on Feb.18

Bitcoin is also involved in illegal activities but the US government has probed many cases related to crypto. Now, the US law enforcement firm has decided to auction off those forfeited bitcoins in an online auction. 4,041.58424932 Bitcoin will be presented on online auction as the United States Marshals Service (USMS) released the statement with full instructions.

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Registration ends on Feb.13

Per the USMS’s statement, the registration for bidding is started from Feb.3 and will be closed on Feb.12. The bidders will apply in order to win those bitcoins with the recommended deposit amount. After a process of review, the USMS will inform whether the applicants will be able to participate or not- on Feb.13.

‘’In order for your bid to be considered by the USMS, you must send via email to USMSCryptocurrency@usdoj.gov a signed pdf copy of the Bid Form within the online auction period window, which extends from 8:00 AM EST until 2:00 PM EST on Tuesday, February 18, 2020.’’

They have made it necessary to deposit $200,000 when someone applies for the bidding process. In case of unsuccessful bidding, the deposit amount will be transacted back to their accounts. The law enforcement department will start returning the deposited amount to non-winners after the auction and the whole procedure will complete in the five business days.

Eligibility Criteria for Participation

The USMS also clears the doubts, what are the things that must be fulfilled, in order to be eligible for online auction of confiscated BTC.

‘’Bids received before or after the online auction period will not be considered. Bids that do not conform to the instructions will not be considered.’’

Those who bid high will get the forfeited bitcoins. Those who fail to get the digital assets will soon have their registration amount in their bank accounts.

‘’The USMS will endeavor to notify the winning bidder(s) by 5:00 PM EST on Tuesday, February 18, 2020… The USMS will notify Bidders that did not win via email by 10:00 AM EST, on Wednesday, February 19, 2020, however depending on the length of the post-auction review process emails to unsuccessful bidders may not go out the day of the auction.’’

The auction event on the part of USMS started from 2014 for the forfeited bitcoins and continued to the present. Following the past pattern, the bitcoins are divided into four blocks with the respected amount of BTC: 2,500, 1,000, 500, and 40.54069820 BTC.

The law enforcement departments of many countries conducted the selling of confiscated crypto assets as a result of criminal activities. For example, the UK, last year, also made a good sum of $369,000 from crypto auctioning.

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