US Government’s Auction of Seized Litecoin ($LTC) Ends Today

The U.S. government’s latest cryptocurrency auction, which was announced by the General Services Administration (GSA) on June 16, is closing at 17:00 Eastern Time (or 21:00 UTC) on Monday (June 21).

The GSA is “an independent agency of the United States government established in 1949 to help manage and support the basic functioning of federal agencies.” It “supplies products and communications for U.S. government offices, provides transportation and office space to federal employees, and develops government-wide cost-minimizing policies and other management tasks.” GSA Auctions is “the federal government’s online clearinghouse for surplus federally owned assets and equipment, such as office furniture, vehicles, scientific equipment and collectibles.”

According to the GSA’s press release, GSA Auctions’ latest cryptocurrency sale made available to bidding “11 lots of cryptocurrency, totaling 8.93 bitcoins and 150.2 litecoins and with a combined market value of nearly $377,000.” This is the first time that Litecoin has been made available on GSA Auctions.

The press release went on to say:

“GSA first began auctioning cryptocurrency on behalf of the U.S. government in early 2021. To date, users of the GSAAuctions platform have successfully bid for a total of 16.99 bitcoins over three auctions that garnered $937,092.“

Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service, had this to say:

“Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community. With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.“

Registration is required before you can place a bid and “the winning bidder must make a payment via wire transfer no later than June 23, 2021.”

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Photo by “EivindPedersen” via Pixabay

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