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US Government To Auction Off $10 Million in Seized Bitcoin and Bitcoin Cash From Drug Bust

The seized bitcoin was worth only $500,000 at the time of the arrest.

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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.”

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