Because the case is still pending, those bitcoins are sitting idle in a crypto wallet. In November, the government seized $1 billion worth of bitcoin linked to Silk Road. "We don't try to play the market," he said. We don't ever want to flood the market with a tremendous amount, which then could have an effect on the pricing component," he said.īut other than spacing out sales, Koopman said, trying to "time" the market to sell at peak crypto prices isn't a thing. "You basically get in line to auction it off. The process of auctioning off crypto, in blocks, at fair market value, likely won't change, according to Koopman.
"The fact that the Marshals Service is getting professionals to help them is a good sign that this is here to stay," said Levin. The contract was previously awarded to BitGo. Anchorage, the first federally chartered bank for crypto, will help the government store and liquidate this digital property.
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General Services Administration, an agency that typically auctions surplus federal assets such as tractors, added confiscated cryptocurrencies to the auction block earlier this year.Īnd just last week, following a more than yearlong search, the Department of Justice hired San Francisco-based Anchorage Digital to be its custodian for the cryptocurrency seized or forfeited in criminal cases. It's a big responsibility for one government entity to take on, which is part of why the Marshals Service no longer shoulders the task alone. That cache of coins is currently worth nearly $7 billion, though many were sold in batches well below today's price. To date, it has seized and auctioned more than 185,000 bitcoins. Marshals Service is the main agency responsible for auctioning off the government's crypto holdings. "We maintain private keys only in headquarters so that it can't be tampered with," Koopman said. That includes managers who establish the necessary hardware wallets to secure the seized crypto. And that could be nationally or globally," he said.ĭuring the seizure itself, multiple agents are involved to ensure proper oversight. "Then we all come together when it's time to execute any type of enforcement action, whether that's an arrest, a seizure or a search warrant. Other agencies that have more money and resources focus on the technical components. Koopman explained that his division at the IRS typically handles crypto tracing and open source intelligence, which includes investigating tax evasion, false tax returns, and money laundering.
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