US Marshals Seeks New Recruit to Dispose of Seized Crypto

US Marshals Seeks New Recruit to Dispose of Seized Crypto

The U.S. Marshals is looking to hire an individual who can manage cryptocurrencies for the Asset Forfeiture Division. Over the last few years, the law enforcement agency has seized thousands of bitcoins from a variety of investigations. Now the Marshals are in need someone who is competent enough to handle matters like wallet creation, managing blockchain forks, and token transfers.


USMS Seeks Virtual Currency Manager to Handle Storage and Coin Disposal

Usually, civil forfeiture and seized items involved with a criminal investigation are easy to handle because boats and luxury cars are simple to auction. The USMS explains that the Asset Forfeiture Division (AFD) dismantles organized crime and removing financial incentives from criminals through the seizure and forfeiture of assets. However, since the advent of cryptocurrencies like bitcoin, law enforcement entities, particularly the U.S. Marshals (USMS), have had to deal with digital currencies.

For instance, when several three-letter agencies busted the Silk Road, the USMS auctioned well over 30,000 BTC from that investigation. Now, the department is in need of a specialist who can manage seized cryptocurrencies and deal with factors like forks and transferring the coins to auction winners. The scope of work gives great detail on how the individuals contract will work if hired and how the objectives could change over the life of the contract.

The purpose of this contract is to provide the full range of virtual currency management and disposal services, the specifications explain. This includes but is not limited to such activities as accounting, customer management, audit compliance, managing blockchain forks, wallet creation, transformation of token assets into coin assets, etc., as well as future actions associated with the virtual currency forfeiture process.

The USMS is the oldest law enforcement agency in the United States and the agencys last cryptocurrency auction sold 660 BTC confiscated from various investigations. The contractor must be able to facilitate the transfer of coins to auction winners.
Scope of Work

The USMS explains that the contract for the virtual currency manager will be for 12 months with an option to extend the contract. The contractor can work remotely but will be required to visit the USMS headquarters in Arlington, VA. As far as custody of seized cryptocurrencies is concerned, the contractor must be able to provide secure management and disposal services without delay. According to the USMS contract, the individual provides all of the storage needs and the person must maintain a complete and accurate accounting of USMS inventory at all times.

The contract application continues:

The USMS has sold thousands of BTC in auctions over the years.

Additionally, the newly hired AFD employee must be able to dispose of the coins in a manner specified by the USMS. This includes exchanging virtual currency into USD, trading into a more liquid form of virtual currency, exchanging to USD through the sale from a sealed-bid auction. Theres also a chance the contractor will have to return virtual currency to the owner and they must process these requests in a timely and efficient manner.

Another interesting thing to note is the contract states that if the seized digital assets stem from a very large seizure it is likely the funds will be sold through a sealed-bid auction, rather than on an exchange. Large disposals of all types of virtual currency shall be completed within forty five (45) calendar days of notification, the contract explains. Lastly, at its sole discretion, the USMS may terminate the virtual currency managers contract at any time for misconduct or security reasons.


At Bitcoin.com theres a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post US Marshals Seeks New Recruit to Dispose of Seized Crypto appeared first on Bitcoin News.

09.03.2019 / 16:20 27
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