The Bitcoin Auction will be conducted by the US Marshals Service

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

The auction date is reported to be March 19, 2018 from 8:00 AM to 2:00 PM Western Time. Bidders interested in participating in the auction will be required to complete a registration process along with a $200,000 deposit, which must be paid by noon EDT on March 14th.

Bitcoins will be divided and offered in 14 different blocks: two blocks of 500 BTC, 11 blocks of 100 BTC and one block of approximately 70 BTC. Private notification will be sent to winning bidders on the same day as the auction.

The US Marshals Service has published a list of cases in which bitcoins have been seized as an official notice on its website. Sean Bridges, one of the record holders, was convicted of stealing $800,000 in bitcoins in 2015.

The US Marshals Service has previously held auctions of bitcoins seized in civil and criminal cases. The agency sold 3,813 BTC on January 22, 2018, worth more than $40 million at that day’s exchange rate.

The previous auction was held in August 2016 where 2700 BTC was sold. The estimated market value at the time was nearly $1.6 million.

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