The US government sell confiscated bitcoins and Bitcoin Cash in the amount of $ 10 million

The US government sell confiscated bitcoins and Bitcoin Cash in the amount of $ 10 million

The U.S. government plans to sell the confiscated bitcoins seized during drug cases that currently, after the recent jump in prices that are almost $ 10 million.

Government lawyers of Utah are now working on selling 513,1490393 bitcoins, which is about 8.7 million U.S. dollars at current prices. Will also be sold almost the same amount of bitcoin cash 512.9274588, the cost of which is estimated at about 949000 USD.

According to the court:

BTC and BCH was translated into the national purse. Due to the volatile market of cryptocurrencies BTC and BCH are at risk of losing value during suspension of the proceedings for confiscation … For these reasons, the United States to sell them now.

Further, the order says that cryptocurrencies are bought and converted into US dollars by using one or several commercial exchange in increments of 50 coins or less, to provide protection from potential losses or fraud. The proceeds from the sale will be deposited in the Treasury account.

According to court documents, U.S. district judge Dale Kimball on 12 December approved the sale of the confiscated cryptocurrency after in the same day, prosecutors in the case filed a request for sale.

It comes to Aaron Shamo, who was charged with drug trafficking.

Shamo and his alleged partner, drew W. Crandall, was accused of selling fake drugs, prescription on the black market. When Shamo were arrested,and seized bitcoins worth a total of $ 500,000.

In 2015, the U.S. government held several auctions of bitcoins obtained as a result of the investigation of the now-defunct marketplace Silk Road.

In June, the South Korean government also tried to sell (unsuccessfully) 216 bitcoins confiscated during criminal investigations in 2016.

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