The U.S. Marshals Service (USMS) said on Monday it intends to auction $16 million worth of bitcoin (or nearly $16.1 million) confiscated during several cases, reports Reuters. The amount of the over 2,700 forfeited bitcoin was added up and shared with Reuters by bitcoin exchange Bitstamp.
The online auction would be held on August 22, said the USMS, adding that potential bidders must register by the 18th.
This will be the fifth bitcoin auction by the USMS, who previously completed four auctions from June 2014 to November 2015 of the digital currency seized during the prosecution of Ross Ulbricht, the person who authorities say ran online black market bazaar Silk Road.
32-year-old Ulbricht was sentenced in May 2015 to life in prison. He was convicted of masterminding a scheme that allowed over $200 million of anonymous online drug deals via Silk Road using bitcoin. He is appealing.
Some of the bitcoin in the upcoming auction come from Ulbricht’s case.
Bitcoin in the auction also come from the case of ex-U.S. Drug Enforcement Administration agent Carl Force. Force was convicted of stealing bitcoin during the Silk Road investigation and sentenced in October of last year to 78 months in prison.
The various federal criminal, civil and administrative cases bitcoin in the upcoming auction come from also include:
- United States v. Sean Roberson, District of New Jersey (Case No. 14-565)
- Department of Justice, Bureau of Alcohol, Tobacco, Firearms and Explosives, Case No. 776075-14-0028
- United States v. 178.95842915 Bitcoins stored in MultiBit wallet XXXX4XDAd, Eastern District of Washington (Case No. 16-07009)
- Department of Treasury, Internal Revenue Service, Case No. 2015 9400 500008 01 001
- United States v. Approximately $200,979.15 Seized from Tradehill, Inc., held in the name of Megan Thompson, et. al. Eastern District of California, Case No. 14-02950
- United States v. $309,305.24 in U.S. Currency, etc., District of Maryland, Case No. 15-03474
- Department of Homeland Security, United States Customs and Border Protection, Case Nos. 2015330700002501, 2015330700002701, 2014330700023701, and 2014330700027201
Image credit – Public domain image (Source) (Author: USMS Publishing & Multimedia Services)