US Government Auctions Off Litecoin and Bitcoin Cash Seized From Tax Evader

The U.S. General Services Administration (GSA) is auctioning off Bitcoin Cash (BCH) and Litecoin (LTC) seized from a taxpayer for non-payment of internal revenue taxes. 

In a statement, GSA announces that the public is now able to bid on 11 stashes of cryptocurrencies, which include 8.93 BTC and 150.2 LTC with a combined market value of nearly $377,000. Among the stashes available for bidding, the GSA estimates that one lot consists of 150.22 LTC and 0.00022 Bitcoin Cash. 

The auction began on June 18th at 5 PM Eastern time and will close on June 22nd at 5 PM Eastern time.

The agency started auctioning off cryptocurrencies in March 2021, but the upcoming bidding event marks the first time that Litecoin will be made available on the GSA Auctions website. The portal serves as the federal government’s online clearinghouse for its surplus assets and equipment.

Says Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service, 

“Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community. 

With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.”

Interested buyers need to register to participate in the auction. The winning bidder will receive the crypto asset through their digital wallet.

The GSA has already raised $937,092 from the total 16.99 BTC it disposed of in three auctions held this year. 

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