Coindesk Logo

US Government to Auction Off Seized Litecoin Alongside Bitcoin

US Government to Auction Off Seized Litecoin Alongside Bitcoin

US Government to Auction Off Seized Litecoin Alongside Bitcoin

Uncle Sam is now selling litecoins it obtained for tax nonpayment.

Uncle Sam is now selling litecoins it obtained for tax nonpayment.

Uncle Sam is now selling litecoins it obtained for tax nonpayment.

AccessTimeIconJun 18, 2021, 7:16 PM
Updated Aug 21, 2021, 7:06 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The U.S. General Services Administration, an agency that sells surplus assets held by the federal government from office furniture to houses and tractors, said it will auction off bitcoin and litecoin with a combined market value of $377,000.

The bidding in the latest auction starts Friday at 5 p.m. ET and runs through Monday at 5 p.m., according to a press release. Eleven lots of cryptocurrency are on the block, including 8.93 bitcoins and 150.2 litecoins. According to a document on the GSA's auction website, the litecoins were seized from a taxpayer for nonpayment of internal revenue taxes.  

The GSA raised $937,092 by selling 16.99 bitcoins in three auctions earlier this year.

“With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year,” Thomas Meiron, regional commissioner for GSA’s Federal Acquisition Service, said in the statement.

Investors must register to bid. The winning bidder must have a digital wallet to receive the property and must make a payment no later than June 23. 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.