2,170 Bitcoins estimated at about $25million seized in the course of various federal criminal, civil, and administrative cases have been announced for auctioneering by the United States Marshals.
The auction is expected to be carried out on the 1th of March 2019 between 8 to 2 p.m. Eastern daylight times. All person who wish to be participants in the bidding are also required to abide by the registration descriptions by the 14th of March noon.
The Bitcoins to be issued have been categorized to be offered in 14 blocks differentiated as follows; 1 block of about 70 BTC, 11 blocks of around 100 BTC and 2 blocks estimated to be 500 BTC
All the winning bidders are expected to be informed on the same day of the auction upon completion of the exercise, they will however be informed privately.
The bitcoins were reportedly seized in various cases which were officially posted on the website of the US Marshals service. The cases range from civil cases to criminal cases and most notable administrative cases.
This will be just one among the many auctions that have been done by the United States Marshals service which has previously auctioned 3600 Bitcoins in early February and 3813 bitcoins in mid-February
In the previous years, 2016 for instance, more than 2,700 bitcoins were sold out with an estimated market value of nearly $1.6million.
In a move aimed at lowering and cutting off criminal activities that relate to the Crypto-Space, the security forces have teamed up to pursue any fraudulent activities that may be reported with regards to the same and the matters brought to book.
Auctioning of Bitcoins was enabled to ensure that all participants in the acquisition and all other processes relating to the digital financial platforms are minimized and prospectors denied access to the same
Recently, we have that also seen the Finland government has set out new regulations and guidelines of how official need to handle ant cryptocurrency that may be intercepted from a criminal activity
Recently, a Russian hacker was also convicted of the being a mastermind and a representation of the high profile criminals.