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Fate of Vast Bitcoin and Cryptocurrency Seizure by US Decided: Involvement of Coinbase
The destiny of the substantial cache of Bitcoin and assorted cryptocurrencies seized by the United States has now been unveiled.
Author:
Mete Demiralp
01.07.2024 – 18:00
Update:
6 seconds ago
0
The US Marshals Service (USMS), a division of the US Department of Justice, has chosen Coinbase Prime to manage and distribute large volumes of cryptocurrency assets.
This decision comes after a competitive bidding process initiated earlier this year.
The contract, issued by the Asset Forfeiture Division (AFD), addresses the Marshals Service’s requirement to handle and dispose of significant quantities of popular cryptocurrencies categorized as “Class 1” digital assets.
Coinbase Prime will oversee the implementation of storage and liquidation methods in compliance with Department and USMS guidelines. The objective of the agreement is to streamline the custody, management, and disposal processes for cryptocurrencies, while also broadening the spectrum of digital assets that can be managed under government forfeiture programs.
The contract is structured as a single-tender Indefinite Delivery/Indefinite Quantity (IDIQ) agreement with an initial five-year order period, extendable by six months.
Previously, USMS underscored the necessity to handle these digital assets in a professional, lawful, and policy-aligned manner. The selection process prioritized finding a partner capable of delivering “optimal value” to the government, employing an exchange method for evaluation.
As of March 31, Coinbase’s services held $330 billion in assets and recorded $256 billion in institutional transaction volume during the first quarter of 2024. This outstanding performance likely influenced USMS’ decision to award the contract to Coinbase Prime.
*This does not constitute investment advice.
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