The U.S. authorities is planning to sell off confiscated bitcoins seized during an drug case that are now worth almost $10 million. This is reported by the CoinDesk.
Government attorneys in Utah are now working to sell the 513.1490393 bitcoins (BTC), worth approximately $8.7 million at current prices. An almost equal number of bitcoin cash (BCH) will also be sold (512.9274588), with value near to $949,000.
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.
US Government court order
Cryptocurrencies will be sold and converted into US dollars using one or more commercial cryptocurrency exchanges in increments of 50 coins or less. Proceeds will be deposited into the Treasury Forfeiture Fund Suspense account.
Dale Kimball, U.S. district judge, approved the sale of confiscated cryptocurrencies on Dec. 12 after the prosecutors in the case filed a request for the sale on the same day.
The drug crime case involves a Aaron Shamo, who was charged with running a multimillion-dollar opioid drug ring out of a Salt Lake City suburb in Nov. 2016. It was one of the largest busts of this kind in the country.