Crypto Credits

Marshals Service Hires Custody Firm to Safeguard Seized Bitcoin

Crypto prime brokerage BitGo Inc. has won a contract to keep safe digital coins seized by the U.S. Marshals Service.

The agency has been auctioning Bitcoin and other cryptocurrencies seized from criminals for several years. As Bitcoin’s price surged to record highs, the value of the confiscated holdings has skyrocketed. Late last year, Justice Department — which Marshals Service is a part of — seized nearly 70,000 Bitcoins valued at about $4 billion, based on current prices.

The contract BitGo won is valued at about $4.5 million, and its duration hasn’t been disclosed. BitGo is one of the largest digital assets custodians; in February, it announced it safeguarded $30 billion in assets.

“We work hard every day to manage what we believe is the most secure environment for holding digital assets,” Pete Najarian, chief revenue officer at BitGo, said in an interview. “We are excited to be working with an agency as important as U.S. Marshals Service.”

Visit website

Related News

Bitcoin at $100,000 in 2021? Investors say it can more than quintuple – business news


Staying Safe In Crypto Keeping Your Digital Assets Secure And Protected-Neeraj Khandelwal


Institutional Bitcoin longs at record-high, hedge funds short — CME data


Markets.Bitcoin.Com Holds Fort as Coinmarketcap Temporarily Goes Offline


AMD Could Repurpose First-Gen RDNA GPUs for Cryptocurrency Mining


$14,000 Surge Expected Based On Fibonacci ‘Golden Ratio’