Who said that confiscating Bitcoin isn’t profitable? Certainly not the US Marshals Service (USMS), which is selling some of the Bitcoin it appropriated during various investigations.
The USMS put out an announcement on Tuesday, detailing the sale of approximately 2,170 Bitcoins, which amounts to just over $23 million at the current dollar value.
Among the loot on sale are Bitcoins confiscated by the Drug Enforcement Administration and the Bureau of Alcohol, Tobacco, Firearms and Explosives.
Anyone who wants to enter the auction will have to bid a minimum of $200,000, which limits the number of people who fit the bill.
The USMS auction will take place on March 19, 2018.
The reason for such a high minimum bid probably has to do with the fact that the auction will be split into 14 sessions, each with its own lump sum of Bitcoin.
In the largest session, the USMS will sell 500 Bitcoins. The smallest single session will see the sale of only 70 Bitcoins, which have a combined value of approximately $750,000.
Among the Bitcoins to be auctioned are those belonging to Shaun Bridges, a secret service agent convicted of stealing proceeds from the takedown of Silk Road - an underground market that operated on the deep web and served as a platform for selling drugs and other illicit items.
At that time, the cryptocurrency that Bridges stole amounted to about $400,000. However, the value had grown to a total of $11.3 million by the time his second criminal case concluded with a guilty plea to money laundering charges.
The USMS did not disclose exactly how many Bitcoins from the Bridges case would be sold, which means the agency might be saving some for a later auction.
This is also not the first time the USMS auctions off some of the government’s cryptocurrency holdings. Back in January, it sold 3,600 Bitcoins to a total of five bidders.