The U.S. government will sell off confiscated bitcoins that were seized during an opioid drug case in the Utah area. The bitcoin that are now worth nearly $10 million after the recent spike in prices were worth only $500,000 at the time of the arrest.
The U.S. Attorney’s Office in Utah is now working to sell the 513.1490393 bitcoins (BTC), worth approximately $8.7 million at current prices. A similar number of bitcoin cash (BCH) is also going to be sold at the same time (512.9274588), having a value of nearly $949,000.
According to the court order:
“The BTC and BCH have been transferred to a government wallet. Due to the volatile market for cryptocurrencies, the BTC and BCH risk losing value during the pendency of the forfeiture proceedings … For these reasons, the United States seeks an interlocutory sale.”