US Marshals to Sell $1.6 Million in Bitcoin at Auction

The US Marshals Service (USMS) is set to auction off 2,700 BTC worth just over $1.6m next month.

The agency said in a statement todayhttps://www.usmarshals.gov/assets/2016/bitcoinauction/ that the bitcoins being sold are connected to a number of criminal and civil cases that have been pursued by the US government in recent years.

These include bitcoins from cases involving former federal agent Carl Force IV and convicted Silk Road administrator Ross Ulbricht, as well as bitcoins confiscated by the US Department of Homeland Security; the Bureau of Alcohol, Firearms and Tobacco; and the Internal Revenue Service.

The auction will consist of one block, with a $100,000 deposit required. The registration deadline is 18th August, and the auction will take place between 13:00 and 19:00 UTC on 22nd August.

Winners will be notified on that day, according to the USMS.

The auction is the first USMS sale of the digital currency to take place this year, and one of several conducted by the agency in the past two years. Many of the bitcoins previously auctioned were tied to the investigation into the Silk Road dark market.

Earlier this year, a tranche of roughly 24,500 BTC was auctioned off by Ernst & Young after it had been confiscated from a former Silk Road user.

Federal marshal image via Shutterstock