US Marshals Service Announces Auction of 660 BTC

US Marshals Service Announces Auction of 660 BTC

The United States Marshals Service (USMS) has announced an auction of 660 BTC that is scheduled to take place on Nov. 4. Under the auction rules, interested participants must formally identify themselves to the USMS and submit deposits of $200,000.

USMS to Auction Forfeited BTC in Seven ‘Blocks’

Bidder registration will open at 8:00 a.m. EDT on Oct. 22 and is scheduled to close at noon EDT on Oct. 31. Bidders will not be permitted to view competing bids and will not be able to change the value of their bids after submission.

Deposits to Be Returned to Ineligible Bidders

In addition, the USMS states that “bids that are contingent on financing terms of any kind will not be considered.” In addition, it requires that “all bids must be made in U.S. dollars.”

Winning Bidders Expected to Pay BTC Transfer Fees

The USMS also notes that “any transfer fees associated with the transfer of the bitcoins will be paid by the buyer.” However, buyers will be given the chance to choose the fees that are charged in the transfers.

The USMS will start to return deposits to auction participants as soon as the bitcoin transactions are finalized. It adds that it aims to process all returns within five business days. However, it acknowledges that return times could take slightly longer depending on how many people participate in the seven auction blocks.

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