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  Update: Auction of Bitcoin by USA | Bit Updates
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Update: Auction of Bitcoin by USA

Friday, January 12th, 2018 | bitcoin updates

The United States Marshall Services have apparently extended their planned Bitcoin auction. The United States Department of Justice agency is auctioning off 3,813 bitcoins seized from 10 different cases on January 22. Interested parties can contact us from 11.1. until 19.1. As we reported earlier, the authorities intend to auction the 513 Bitcoin confiscated by Aaron Michael Shamo, who was arrested in November 2016. As can be seen from an official announcement, the US representatives are now expanding this already considerable number of cryptos to a total of approximately 7.5 times the amount. A selection of cases The seized cryptos are therefore made up of cases of criminal, civil and administrative violations together. In addition to the case of Shamiro, who enriched himself with counterfeit drugs in the opioid epidemic in the land of limitless possibilities, there is also the case of Daniel Summerfield. This has in conversation with Undercover agents admitted to have sold in the Darkweb for the 100 kilograms of marijuana. He then sold the proceeds on exchanges such as LocalBitcoins to exchange the money back into Fiat currency. Another case was that of Alexander Konstantinovich Tverdokhlebov, who allegedly infected half a million computers with malware via a botnet. He is said to have stolen most of the credit card information and so have captured sums between 9.5 and 25 million US dollars. The authoritative alcohol, marijuana and cocaine consumers are said to have scavenged some of his loot with Bitcoin. Other seized coins come from unspecified wallets, which according to Statemet fall under the category "administrative forfeiture". These offenses are those where the authorities seize property without a court order. This may not exceed a total value of half a million US dollars. The auction of the confiscated cryptocurrencies consists of three different blocks. There are 5 blocks each of 500 and 100 bitcoins, and one block for the remaining 813 bitcoins. Anyone signing up for the auction, however, must first deposit a security of 200,000 US dollars. The conditions for registration Who wants to relieve the US government Bitcoin must make four arrangements. Interested parties must first complete a registration form. Subsequently, the bidders must submit a copy of a badge document and the $ 200,000. In order to complete the registration for auction, they will ultimately need a confirmation of this transfer, which must come from a US based bank. All these conditions must be sent to the authorities by e-mail to the authorities for verification. The pre-extension of $ 200,000 ultimately serves to protect the authorities – who fails to pay the Bitcoin forfeits the right to his money. However, if you are successful, the amount of money will be credited as a deposit. Conditions for ParticipantsWinners will be notified at the end of the auction on January 22nd. Unless they are on the Special Designated Nationals and Blocked Persons List, members of selected nationalities may participate in the auction. Excluded persons, groups of people and entities include US-sanctioned countries, traffickers of prohibited substances and members of terrorist groups. (Whether or not you hear what we do not hope you will learn here and here). However, it is not absolutely necessary to buy 500, 50 or 813 Bitcoin straight away as an individual. Interested parties can group together and then bid together on the respective blocks. Thus, the United States will capitalize on the volatile cryptocurrencies despite concerns and warnings. In that case, she will probably get far more profit out of less bitcoin than last time in 2015. It remains to be hoped that the cryptos will not fall into the wrong hands afterwards.BTC-ECHO About Phillip HorchPhillip Horch completed his master's degree in Literature-Art-Media at the University of Konstanz in October 2017 and has been working as a freelance journalist ever since. Already during his studies he wrote for various magazines and now he is gaining a foothold in Berlin. The main focus of his journalistic work is on the opportunities and challenges of digitization, so that for some time now he has also dealt with the topic of blockchain and cryptocurrency. All contributions by Phillip Horch


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