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U.S. Marshals Hire Custodian To Handle Massive Trove of Seized Crypto Holdings

U.S. Marshals Hire Custodian To Handle Massive Trove of Seized Crypto Holdings


The U.S. Marshals Service (USMS) is hiring crypto custody firm Anchorage Digital to handle a trove of seized cryptocurrencies including Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

The USMS is a law enforcement agency of the U.S. Department of Justice and a key part of the department’s Asset Forfeiture Program. The USMS’s Asset Forfeiture Division seeks to “enhance public safety and security” by cracking down on organized crime operations and removing financial incentives for committing federal crimes.

 

According to a press release from Anchorage, the USMS chose Anchorage Digital after a year-long search for an expert to secure their digital asset holdings and to help seize, manage and dispose of proceeds from illegal activities.

Anchorage will provide a variety of cryptocurrency services for the USMS, including custody, liquidation and “such activities as accounting, customer management, audit compliance, managing blockchain forks, wallet creation, transformation of token assets into coin assets … as well as future actions associated with the virtual currency forfeiture process.”

Founded in 2017, Anchorage Digital is a full-service financial platform and infrastructure provider for the digital asset space. They are headquartered in San Francisco, California, and have offices in Porto, Portugal and Sioux Falls, South Dakota.

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Featured Image: Shutterstock/Tithi Luadthong





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