The United State Marshals Service released an announcement that it will be conducting and overseeing the auctioning of bitcoins seized in many of its criminal investigations.
The US Marshals Service Auction
The US Marshals Service made it known that 660 bitcoins seized during some of its criminal investigations will be auctioned publicly. This announcement by the US Marshals has been lauded by the crypto community as a way through which the public can lay hands on some bitcoins at a relatively cheap rate.
A date has also been set by the agency for the auction to take place. The agency announced that, come November 5 from 8 a.m. to 2 p.m. EST, the highly anticipated Bitcoin Auction will take place.
The US Marshals Service also made it clear that anyone interested in taking part in this peculiar auction is required to register before, 11:59 pm October 31. Besides this, interested parties are required to make a deposit of $200,000. The agency also added that the bitcoin will be auctioned in bundles. There are six bundles with 100 bitcoin in each, and one bundle of 60 bitcoin.
Even though it’s a public auction, the US Marshals Service made it known that bids made during the auction are private, and non-changeable once made.
High Registration Fee
The high registration fee of $200,000 has been identified as a major drawback for average folks looking to participate in this auction. It was also believed that anyone with that kind of money laying around should be able to get cheap bitcoins from an online auction on various exchanges, without the risk of having the government meddling in their financial affairs.
However, since the refundable registration fee is this high, many are of the belief that the winning bid may well be far below the current market price of bitcoin.