Registration opens today for a big Bitcoin auction. Crypto enthusiasts holding bank accounts located in the United States will be able to participate if they register by the February 12th deadline.
According to a notice published by the U.S. Marshals Service (USMS), the federal law enforcement agency will put an estimated 4,040 Bitcoin up for sale, currently valued at $37.3 million, through an online auction held on Tuesday, February 18, 2020, from 8:00 a.m. EST to 2:00 p.m. EST.
Winning bidders will be notified the same day via email. According to the notice,
“The USMS will notify the winning bidder(s) via email with instructions for the next step to complete their transaction the same day as the auction, even after 5:00 PM EST. The winning bidder must send the purchase price funds (less the deposit amount) by a wire transfer originating from a bank located within the United States and provide a wire transmittal receipt to the USMS by 2:00 PM EST, on Wednesday, February 19, 2020.”
Officials say that the crypto was acquired through 56 federal criminal, civil and administrative cases, with multiple forfeitures involving the Drug Enforcement Administration.
While Bitcoin is a peer-to-peer digital currency that promotes an open financial system where anyone can participate, the auction is for the wealthy.
To participate, bidders must register by the February 12th deadline and be able to meet the required deposit of $200,000.
The agency held its last Bitcoin auction in November of 2018 when it put 660 BTC up for sale. In June of 2014, billionaire legendary investor Tim Draper bought nearly 30,000 Bitcoin for roughly $19 million from the USMS at a public auction that sold BTC that was seized from the now-defunct online market Silk Road. The Bitcoin purchase is now valued at $279 million.
