CRYPT — The United States Marshals Service has been given responsibility for managing and disposing of bitcoins and other digital assets. This comes as the number of criminal lawsuits involving cryptocurrencies continues to rise. Through the Department of Justice’s Asset Forfeiture Program, the law enforcement agency is responsible for taking possession of the confiscated cryptocurrency and may even sometimes sell it at auction. This liability is similar to that of other types of seized property.
However, keeping track of cryptocurrency is much harder than selling a Chagall, at least from a software developer’s perspective. Because of this problem, the law enforcement agency has spent most of the past few years trying to employ the help of a private tech company.
However, despite reaching agreements on contracts with crypto firms, it appears that at least two of the agreements have been breached. Even today, the Marshals Service continues to store seized cryptocurrency itself. “As the seizure and confiscation of cryptocurrency has become more common, the USMS has sought to create a contract with the private sector, as it does with almost all other types of assets,” said one. representative of the Department of Justice’s Asset Forfeiture Division. Fed Scoop. ”
The USMS sought to create a contract with private industry, as it does with almost all other types of assets. “At this time, USMS does not contract with a private company to manage its cryptocurrency portfolio.” The United States Marshals Service initiated the search for a contractor several years ago when it requested information from companies regarding the ability to handle the agency’s cryptocurrencies. Since then, research has continued. In April 2021, a crypto security firm called Bitgo, headquartered in California, was awarded a $4.5 million contract.