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US Marshals Service Seeks Manager For Confiscated Cryptocurrency

By

Nicholas

Ruggieri

WriterETHNews.com

Must be willing to deal with ill-gotten gains.

The United States Marshals Service (USMS) has started the search for a contractor to deal with the custody and disposal of cryptocurrency that has been confiscated as part of USMS investigations. The agency has published two public documents outlining what services the crypto manager will need to provide, including the storage and disposal of crypto assets.

In its first published document, the "performance work statement," the USMS details its involvement in the Department of Justice's Asset Forfeiture Program and its work to seize assets "that are either the proceeds of, or were used to facilitate, federal crimes." In the event that cryptocurrency is confiscated, the USMS wants to hire an agent or contractor to maintain a "complete and accurate accounting of USMS virtual currency inventory."

The statement describes the full range of confiscated-crypto management the USMS expects the contractor to provide, which includes accounting services, audit compliance, management of blockchain forks, wallet creation, token transfers, and disposal. For disposal, the USMS clarifies that the seized crypto will either be exchanged for fiat, exchanged into a more liquid form of virtual currency and then sold, or returned to its owner.

Auctioning off the cryptocurrency will be another disposal option. Last year, ETHNews covered an October 2018 auction in which the USMS sold 660 bitcoin seized during multiple criminal investigations. The bitcoin was sold in six separate bundles of 100 and one bundle of 60. According to the performance work statement, these instances of disposal are rare, but the USMS still expects to sell "large seizures" via a sealed-bid auction.

In its second published document, the "quality assurance surveillance plan," the USMS outlines the evaluation system it will use to track the contractor's performance. According to the document, the agency will employ a contracting officer (CO) and a contracting officer's representative (COR). The CO will work to ensure the manager is acting in compliance with their USMS contract. The COR will work on the technical side, informing the manager about problems that arise.

Along with specifying that the contractor must provide their own labor and equipment, the performance work statement notes that the confiscated-crypto manager is expected to be under contract for 12 months, with two optional 12-month extensions.

Nicholas Ruggieri

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

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