The United States Marshals Service (USMS) will be auctioning almost $40 million in confiscated Bitcoin (BTC), the agency announced on its website.
According to the USMS note, approximately 4,040 Bitcoins, which came from more than 50 administrative forfeitures and legal cases, will be auctioned on 18 February. In order to take part in the auction bidders will have to deposit $200,000, which will be returned if a participant does not win a bid. The registration window for the event is from 3 February until 12 February.
The Marshals are planing to start the action from 8:00 AM EST, conclude it by 2:00 PM EST, and announce the winners around 5:00 PM EST. The federal law enforcement agency has said that depending on the number of received bids, and the complexity of the review process, it may require more time to announce the winners.
Similarly to previous auctions held by the USMS, the Bitcoin will be sold in four lots, with 2,500, 1,000, 500 and 40.54069820 Bitcoin each. Due to their size, the first three lots are further split into additional blocks, each containing a set number of Bitcoin.
This is not the first time the agency has held such an auction, in fact, it is part of a number of similar bids held in recent years. Back in January 2018, the agency sold around 3,800 confiscated Bitcoins, and later announced a 660 Bitcoin auction, which was held in November.