The US Marshals are set to auction off 660 Bitcoins in early November to the highest bidders. This auction marks the third conducted by the USMS this year to sell forfeited digital currency.
We’ll Be Taking These
The United States, like many other national governments, are smartening up to cryptocurrency and trying to better crack down on those who use it for illicit purposes. According to a new post on the United States Marshal Service website, a total of 660 Bitcoins will be going up for auction next month, which were ‘forfeited in various federal criminal, civil and administrative cases.’ One of the cases which were included was against Nathan Anthony Ott of Maryland, who forfeited 19.7 BTC and is accused of illegally manufacturing Fentanyl pills. Ott was allegedly using cryptocurrency to purchase illegal precursors and manufacturing tools, and/or accepting cryptocurrency for the sale of illegal narcotics. Two other cases, which cryptocurrency enthusiasts might be familiar with are those of the ‘Bitcoin Maven’ Theresa Tetley and Thomas Mario Costanzo, a.k.a. Morpheus Titania, both convicted on counts of money laundering through the use of digital currency.
Going Once, Going Twice…
The next auction held by the USMS will sell off 660 BTC in six blocks of 100 BTC and an additional block of 60 BTC. Interested bidders must register with the USMS between 8:00 AM EDT, Monday, October 22, 2018, and noon EDT, Wednesday, October 31, 2018, and include a $200,000 deposit for each block being bid upon. Once verified by the USMC, the bidder will be able to participate in the online auction which will be held on Monday, November 5, 2018, from 8:00 AM EST to 2:00 PM EST. Winners will be notified in the days after the auction has concluded. This is the third auction of forfeited digital currency this year by the USMS. This first was held in January and auctioned off a whopping 3,813 BTC, while the second in March sold 2,170 BTC. This third auction will bring the 2018 grand total to 6,643 BTC, an amount in today’s market worth nearly $43 million. What are your thoughts about confiscated digital assets being auctioned off? Would you ever consider this method of purchasing cryptocurrency? Let us know in the comments below!
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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