US Marshals Service (USMS) to auction some 660 Bitcoins worth $4,220,040

Best Bitcoin deals going on auction in November 2018

The US Marshals Service (USMS), the oldest law enforcement agency in the United States is gearing up to auction some 660 Bitcoins worth $4,220,040 (Over 4 billion) at current cryptocurrency prices in November 2018.

The cryptocurrency being auctioned relates to forfeitures from various federal criminal, civil and administrative cases registered at the USMS.

The announcement of over $4 million worth of bitcoins are of the bitcoins that were seized during various legal proceedings and it would be by sealed bid auctions.

The USMS has been handling a wide variety of assets such as real estate, commercial businesses, cash, financial instruments, vehicles, jewellery, art, antiques, collectables, vessels and aircraft.

The registration process for the bidder:

The bidding customers are expected to register with the USMS to be evaluated and cleared for the bid process, and for that, the bidder has to register by signing the form manually and submit it with a copy of a government-issued photo ID, a deposit in USD sent from a bank located within the United States, and a copy of the EFT transmittal receipt.

Ones that is completed, the eligible bidder will be announced on November 1, ahead of the auction day, that is November 5. According to the USMS website, bid registration will take place between October 22 and October 31.

November 5th, onwards, the online auction period featuring vetted and accredited bidders will be notified.

Those wanting to participate must ensure they deliver the necessary registration items by email to USMSBitcoins@usdoj.gov. The USMS will then notify all bidders regarding their eligibility to participate in the auction by email no later than 5:00 PM EDT on Thursday, November 1, 2018.

The USMS says if they would determine that a party is not an “eligible bidder”, then the deposit funds will be returned, and they will not be eligible to participate in the online auction.

The prevailing bids will be determined by following criteria: The eligible bidder who offers the highest price will be the prevailing bidder; If there are multiple bids at the highest price, the first bid received will prevail; and If a winning bidder defaults, the next highest bidder will be declared the winning bidder.”

Foreign citizens can participate in the auction, but it should be noted that bids will not be accepted from any person or entity that appears on the U.S. Treasury Department’s Office of Foreign Assets Control list of “Specially Designated Nationals.” And, all deposit and purchase funds must be received from a U.S. bank.

The Forbes reports that those participating in the auction, which will occur over a six-hour time period on November 5 between 8 am until 2 pm Eastern Standard Time (EST). They will not have the opportunity to view other bids or the opportunity to change their bid once submitted.

Should potential investors wish to table multiple bids/prices on multiple blocks, they will need to submit additional registration forms and extra deposit funds (i.e. So, two differing bids/prices on different blocks will need $400,000 to be deposited, while three differing bids in a similar fashion will call for $600,000).

Over the past few years, regulators and governments around the world have increasingly recognised bitcoin as an asset to be confiscated during civil and criminal proceedings that necessitate asset seizure.

In July this year, the Canadian police seized $1.6 million in bitcoin from an unnamed man accused of selling drugs on dark web marketplace Silk Road under the pseudonym “MarijuanaIsMyMuse,” the CNN reported.

The CNN also reported that the secretary of Thailand’s Anti-Money Laundering Office (AMLO), Witthaya Neetitham announced that the government agency is planning to create its own cryptocurrency wallet for the purposes of tackling crime relating to bitcoin and other cryptocurrencies as it seeks to close a legal loophole that has allowed cybercriminals keep the proceeds of their activities despite prosecution.

Article Written by: M. L. S. Ram, Follow her on https://twitter.com/sulorammohan

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