In order to aid the Law enforcement agency, US Marshals, store and sell cryptocurrencies that were seized from investigation of Criminals, BitGo has signed a contract with the agency.
About tens of millions of dollars in forfeited cryptocurrencies is to be managed by the Palo Alto firm, but the particular duration of the deal that its worth is estimated at over $4.5 million, is not yet known.
In April last year, the United States Marshals posited that they are looking out for a frim to provide the management and disposal of virtual currency.
The activities of any firm that is interested in the contract will range from audit compliance, accounting, wallet creation, management, safe-keeping of encrypted private keys and generation.
USMS, part of the US Department of Justice, has been auctioning off Bitcoin seized from criminals since 2014. In one such early auction, venture capitalist Tim Draper bought over 30,000 BTC that had been confiscated from the now-defunct darknet marketplace Silk Road.
In November 2020, the DoJ announced the seizure of an additional $1 billion worth of Bitcoin linked to Silk Road, suing for the forfeiture of the funds