A Bitcoin auction will be conducted by the US Marshals Service

The US Marshals Service has announced an auction of approximately 2,170 bitcoins that were seized during various federal criminal, civil and administrative cases, as stated in a March 5 press release.

The auction date has been announced to be held on March 19, 2018, from 8 am to 2 pmEDT. Bidders interested in participating in the auction must go through a registration process, with a $200,000 deposit that must be completed by March 14 at noon EDT.

The bitcoins will be divided and given in 14 different blocks: two blocks of 500 BTC, 11 blocks of 100 BTC and one block of about 70 BTC. A personal notification will be sent to winning bidders on the same day of the auction.

The US Marshals Service has posted a list of the range of Bitcoin seizure cases in the form of an official notice on their website. Sean Bridges, one of those on record, was convicted of stealing $800,000 in bitcoins in 2015.

The US Marshals Service has previously conducted auctions of bitcoins that were seized during civil and criminal proceedings. The agency sold 3,813 BTC on January 22, 2018, a sum worth more than $40 million at that particular day’s exchange rate.

The previous auction was conducted in August 2016 where 2,700 BTC were sold. The estimated market value at the time was about $1.6 million.

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