The U.S. Marshals Service has published a contract showing the crypto custodian Bitgo has been chosen to manage law enforcement’s seized bitcoin acquired through criminal forfeiture. The contracted deal is $4.5 million for the storage, maintenance, and disposal of cryptocurrencies according to documents released on Wednesday.
USMS Pens a Deal With Bitgo
During the last ten years, the U.S. government has seized a substantial amount of bitcoin (BTC) and other digital assets from criminal forfeiture cases. Traditionally, the U.S. Marshals Service (USMS) has been in charge of these funds stemming from high-profile cases like the Silk Road marketplace investigation.
Since 2019, the USMS has been in search of a recruit or a custodian that can manage the crypto assets seized by the U.S. government. The government entity published another offering on April 24, 2020, for a contract worth $4.5 million.
“The United States Marshals Service (USMS) has a requirement for storage, maintenance, and disposal of seized/forfeited virtual currency,” the