Image default

U.S government to claim authority over forfeited, 500 Bitcoins.


The Government of U.S.A is planning on claiming authority over the 500 Bitcoins possessed by four person who are accused of documenting fake ID proofs.

As per the public notice provided by the Department of Justice, Ohio, the accused people have generated fake Identity documents like Driving licenses and ID proofs assumably from the states of Ohio, Michigan and Utah.

Three of the individuals belonged to Toledo and one from Perrysburg. These four people have gathered the 500 Bitcoins in about a time span of five years from 2013 to February,2018 which amounts to nearly $5.5 Million.

The charged individuals are asked to give up the Bitcoins and the US government will therefore, annex them to the extant supply of seized Bitcoins from penal subjects in the past years. These resources are supposedly going to be auctioned for public use in the coming months and add back the market assets back to it’s place.

Previous instances of such auctions were found in January when the U.S Marshals Service hosted the auction for more than 3,800 bitcoins. This was the first auction since the last sale of 2700 Bitcoins in 2016.

Ross Ulbricht had previously forfeited 50,000 bitcoins and held one such auction in 2014 under the supervision of US Marshals Service.


Related posts

Bitcoin Dominance Index Hits an All-time Low as Altcoins Cement Their Legacy

CP Team

Korean Law Firm Fights Back Against Government’s Cryptocurrency Trading Regulation

CP Team

Will existing investors lose their money after RBI’s cryptocurrency clampdown?

CP Team

Leave a Comment