United States Marshals Service Auctions Over 4,000 Bitcoins
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

United States Marshals Service Auctions Over 4,000 Bitcoins

February 22, 2020      Yvette Mwendwa

The United States Marshals Service (USMS) closed on 4,041 Bitcoin auction worth over $40 million. As per the agency’s spokesman, the Bitcoin were auctioned to two winning bidders. The USMS put up the BTC for sale on February 18 on the auction block. On the block, the bitcoins were categorized into four lots: 2,500 BTC, 1,000 BTC, 500 BTC, and 40.54069820 BTC.

Moreover, according to the USMS spokesperson, the two bidders won in quantities of 50 Bitcoin and approximately 3991.6 Bitcoin respectively during the event. Additionally, he confirmed that the bitcoin transfers were completed.

In addition, as per the auction’s rules, eligible highest bidders were to remain the prevailing winners of the Bitcoins. However, if in any case there were several highest bidders, the first highest bid prevails and if the highest bidder defaults, then the next highest bidder is declared the winner.

In fact, the USMS has previously lost out on billions by auctioning seized Bitcoins too early. The key security company, Casa CEO Jameson Lopp, once monitored 185,230 Bitcoin that was seized by the USMS. Unfortunately, the Bitcoin was sold for a mere $151,440,000. At the current market price, they would sell at $1,794,587,888.90 meaning the USMS lost almost $1.6 billion.

Not the First Time USMS Has Auctioned Seized Bitcoin

Furthermore, this is not the first time the USMS has auctioned seized Bitcoin. Back in 2014, the Marshals Service sold close to 30,000 BTC; across four blocks to billionaire venture capitalist Timothy Cook Draper. In addition, the Marshals Service previously the USMS seized $200,000 worth of Bitcoin from a case two Alabama drug dealers, Tyler Lee Ward and Henry Long Nguyen.

The duo was sent to prison back in May 2019 for participating in a conspiracy to sell Alprazolam, running drug premises and money laundering, as per the Department of Justice.

READ  India on Bitcoin: Will the Newly Elected Indian Government Pass Crypto-Friendly Laws?
#Bitcoin Auction #Crypto News #USMS
Yvette Mwendwa
Yvette Mwendwa

I'm a believer in decentralization. An enthusiastic author, web geek & writer with experience writing for tech, digital, and cryptocurrency blogs.