The U.S. Department of Justice (DOJ)’s main law enforcement agency, the U.S. Marshals, has hired a new custodian for its seized cryptocurrency. To date, the agency has seized and auctioned more than 185,000 bitcoins.
- The cryptocurrency custody company announced on Wednesday that the United States Marshals Service (USMS) has selected Anchorage Digital to provide custody services for cryptocurrencies seized in criminal cases.
- USMS is one of the main law enforcement agencies of the United States Department of Justice (DOJ). It is also the country’s first federal law enforcement agency.
- Anchorage explained:
The award means that Anchorage will be responsible for providing a full set of cryptocurrency services.
- Services include “custodial, clearing and activities such as accounting, customer management, audit compliance, management of blockchain forks, wallet creation, conversion of token assets into coin assets, and future actions related to the virtual currency forfeiture process”, “The company explained in detail.
- Before hiring Anchorage, USMS awarded the crypto custody contract to Bitgo After spending more than a year seeking custodians and financial service providers for its seized crypto asset inventory, this April. Bitgo was acquired by Galaxy Digital in May. It is not clear why the DOJ decided to use Anchorage instead of Bitgo to keep the seized cryptocurrency.
- According to CNBC reports, Marshals Service has confiscated and sold more than 185,000 bitcoins worth more than US$7.2 billion since approximately 2014. Venture capitalist Tim Draper won the USMS auction of 30,000 bitcoins confiscated from the now-defunct Silk Road in 2014.
- The most recent Bitcoin auction of Marshals Service was in February last year, when it exceeded 4,041 Bitcoin Was auctioned.
What do you think of the U.S. Marshals Service hiring Anchorage to keep the seized cryptocurrency? Let us know in the comments section below.
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