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THE US Marshals Service is auctioning off 3,813 seized bitcoins worth a whopping £38million.

The federal law enforcement agency is hoping to make a large profit from the coins which were gathered from “various federal criminal, civil, and administrative cases”.

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A total of 3,813 seized bitcoins will be sold off in chunks by the US Marshal Service

Investors will have to register before January 19 in order to secure a spot at the auction, reports BGR.

And to ensure they are serious about it – they must put down a deposit of £146,290 before they enter.

The bitcoins are being auctioned in blocks, with the smallest at 500 coins, which are worth £1.2million.

The unique auction will possibly give investors the chance to buy a block for below market value and sell it off in smaller pieces.

All bids will be kept secret in the closed auction, so that other investors can’t see who they are up against.

The US Marshals Service is seizing the potential benefits of cryptocurrency – but Bitcoin‘s huge price swings make it a bit of a gamble.

Organisers will be keeping their fingers crossed that the virtual currency is performing well on the big day.

Winners will discover if their bid has been successful on January 22.

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