The US Government Wants to Keep $5.5 Million in Seized Bitcoin

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As much as 500 bitcoins could be potentially confiscated by the US government, this according to no other than the Department of Justice in Ohio.

Based on reports, these bitcoins were seized from four individuals who allegedly created fake identification documents, like driver’s licenses and personal identification cards from the states of Michigan, Ohio, and Utah to carry out fraud.

In a course of nearly five years, spanning June 2013 to February 2018, the four individuals are said to have netted over 500 bitcoin in proceeds. Should the confiscation push through, upon forfeiture order from the government, then the bitcoins will be placed in the existing bitcoin pool comprised of others seized from various criminal activities as well. It is believed that these confiscated and forfeited bitcoins could later be auctioned back to the public.

Auctioning of bitcoins by the government is becoming more commonplace, especially as more bitcoins are being forfeited to the government. As a matter of fact, the US Marshals Service recently held a bitcoin auction of more than 3,800 last January 2018. This was the first bitcoin auction to happen following the 2,700 bitcoin sale way back in 2016.

 

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