Feds to auction off $25 million in bitcoins

The federal government is set to auction an estimated $25 million in bitcoins that were seized in criminal activities, Bloomberg reported Monday.

The auction, scheduled for March 19, will be the seventh bitcoin auction held by the U.S. Marshals.

Bitcoin, a cryptocurrency known for its frequent value fluctuations, is often used to make illicit purchases or transfer wealth outside of restrictive banking systems

The bitcoins were “forfeited in various federal criminal, civil and administrative cases.” Most of the bitcoins to be auctioned were seized in cases from the Drug Enforcement Administration.

To participate in the upcoming auction, potential bidders must make a $200,000 deposit and sign up by March 14.