US government ends auction of more than $40 million in Bitcoin
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Answer US government ends auction of more than $40 million in Bitcoin
We have previously followed on the Bitcoin Arab website the US government’s bid for a major sale of 4,041 Bitcoin units at auction (worth more than $40 million).
The sale of this amount of bitcoin that was previously confiscated has been closed in dozens of different criminal, civil and federal administrative cases.
Winning bidders have until 2:00 PM EST to transfer funds to the USMS tasked with selling bitcoin, or risk disqualification.
The USMS has been collecting applications for more than two weeks beginning on February 3, with a minimum bid to participate in the auction of $200,000.
The bitcoins were sold in groups as follows:
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Five groups of 500 bitcoins each, 10 groups of 100 bitcoins, 10 groups of 50 bitcoins, and one group of approximately 41.6 bitcoins.
Only eligible registered bidders who have received an official USMS bidding form can participate in the online auction.
The USMS has already notified winning bidders with the necessary instructions while emails to unsuccessful bidders may be sent to them at a later time, according to the announcement.
According to the auction rules, bidders become eligible when they bid the highest price.
If there are multiple bids with the highest price, the first bid received will be the winner, and if the winning bidder falters, the next highest winner is declared.
Interestingly, the US Marshals previously lost billions of dollars by selling seized Bitcoin too soon, according to an analysis by James Loeb, CEO of the security firm Casa.
The US government loses $ 1.7 billion for selling Bitcoin early!
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It tracked 185,230 bitcoins seized by the USMS that were sold for $151,440,000.
At the current price of around $10,000, that represents a total of $1.85 billion, meaning lost gains of $1.7 billion.
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