US Marshals to Auction Over 4,000 Bitcoin on Feb. 18

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The US Marshals Service is auctioning more than 4,000 bitcoins worth nearly $40 million on Feb. 18. Potential bidders need to register by Feb. 12 and deposit $200,000 if they wish to participate. Those who do not win, their bids will be returned.

“The auction will take place during a six-hour period Feb. 18. Bids will be accepted by email from pre-registered bidders only,” states the release. The statement adds, “The USMS will notify all bidders about their eligibility to participate in the auction by email no later than 5:00 PM EST on Thursday, February 13, 2020.”

The U.S. law enforcement officials on February 18 said on Monday that these 4,040 BTC will be sold in four lots of 2,500 BTC, 1,000 BTC, 500 BTC, and 40.54069820 BTC. The first three are further split into blocks, each having their own set number of BTC.

These bitcoins were forfeited in more than 50 administrative, civil, and federal criminal cases.

The agency has been auctioning bitcoin since 2014. At that time, venture capitalist and bitcoin proponent Tim Draper won about 30,000 BTC across 10 auction blocks.

The last auction by the US Marshals was of 660 BTC in Nov. 2018. That year US Marshals sold more than 2,100 bitcoin and 3,600 bitcoin in March and January respectively, raising more than $50 million.

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