US Government to Auction off $1.6 Million Bitcoins

The U.S. Marshals Service (USMS) announced today that they will be auctioning off $1.6 million worth of bitcoins later this month.The more than 2,700 bitcoins were forfeited from various cases including that of the notorious online black market, Silk Road, which was shut down by the FBI in 2013.In an announcement released today the USMS said that the online auction will take place on Monday, August 22 from 08:00 EDT to 14:00 EDT. Those interested have until 12:00 EDT on Wednesday, August 18 to register. It will consist of one block, and a $100,000 deposit is required.The bitcoins auctioned off this month also include the case involving Carl Force IV. In July, he pled guilty to money laundering and of stealing hundreds of thousands of dollars in the digital currency while working undercover on Silk Road under the codename ‘nob’. He was sentenced to 78 months in prison.This auction by the USMS is one of latest involving the digital currency, bitcoin. In November, the U.S. Marshals Service auctioned off the final auction of Silk Road assets. This included 44,431 bitcoins amounting to over $15 million.