660 Bitcoins ($4.3M) to be Auctioned by US Marshals From Forfeited Federal and Civil Cases

2018-10-18 18:28

About 660 Bitcoins To Be Auctioned By The US Marshals

The U.S. Marshals have a planned an auction for nearly 660 bitcoins worth $4.3 million. The agency said the bitcoins available for auction were forfeited in federal criminal, civil and administrative cases.

The auction is scheduled to start on November 5th, however, the auction requires would-be bidders to deposit $200,000 after registering their identification with the agency no later than October 31st. The bid opens on October 22nd. Only eligible registered bidders who have received an official Bid Form from the USMS may participate in the online auction.

Notably, the auction consists of two parts with six blocks of 100 bitcoin each and one remaining block with 60 bitcoin. Bidders will not be able to view other bids or change their bid once submitted, the U.S. Marshals added.

How Will The Bid Work?

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 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. The USMS will notify the winning bidder(s) via email with instructions for the next step to complete their transaction the same day as the auction. The winning bidder must send the purchase price funds (less the deposit amount) by a wire transfer originating from a bank located within the United States and provide a wire transmittal receipt to the USMS by 2:00 P.M. EST, on Tuesday, November 6th. No Bitcoin transfer will be made until the USMS has confirmed receipt of all purchase funds.

The agency betokened that some of the assets in the auction include bitcoin forfeited in several recent cases such as the U.S government's lawsuits against bitcoin traders Theresa Tetley and Thomas Mario Costanzo – both sentenced to jail on charges of bitcoin money laundering.

The planned auction comes just months after the U.S. Marshals sold over 2,100 bitcoin and 3,600 bitcoin earlier this year.

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