The US government plans to sell the confiscated crypto-currency assets worth $ 10 million in the light of the latest jump in the rate. This is written by CoinDesk.
The Utah government is organizing the sale of 513,1490393 BTC, which at the current rate is about $ 9 million, and almost the same number of Bitcoin Cash (512,9274588 BCH) for about $ 1 million.
The court ruling reads: “BTC and BCH were transferred to the purse of the government. Due to the volatile nature of this market, the cost of BTC and BCH may fall during the execution of the necessary procedures. For this reason, the US government decided to organize the sale even before the end of these procedures. “
The cryptocurrency will be sold and transferred to US dollars through one or more commercial exchanges in increments of 50 BTC or less, which should allow avoiding unnecessary risks and losses. The money will be transferred to a special account of the Ministry of Finance.
The bitcoins were confiscated from Utah resident Aaron Shamo, who is accused of organizing a multimillion-dollar scheme for the distribution of opioids on the outskirts of Salt Lake City in November 2016. According to the Associated Press, this episode was recognized as one of the largest cases of drug trafficking in the region.
Shamo and his partner were selling counterfeit recipes. At the time of confiscation bitcoins cost less than $ 500,000.
In 2015, the US government held several auctions to sell bitcoins, confiscated in the process of closing the illegal trading platform Silk Road. Only in September of this year the government was able to get the money raised from this sale, after the end of the litigation with the operator Silk Road Ross Ulbricht, who claimed his rights to the confiscated bitcoins.