Bloomberg Law
Aug. 9, 2022, 9:31 AM

Seized Crypto Auctioned Thanks to Fintech Firms’ Tracing Tools

Josh Axelrod
Josh Axelrod

The federal government’s chief operations agency has auctioned off $1.5 million worth of cryptocurrency over the last year and a half even as regulatory and enforcement bodies crack down on crypto schemes and stake out jurisdiction.

The General Services Administration, which manages disposal of outdated, surplus, or seized federal assets, has held nine cryptocurrency sales since March 2021, receiving more than 4,000 online bids from buyers, according to an agency spokesperson.

“GSA is happy to have assets that are valuable that people would buy at auction,” Lex Sokolin, head economist and global fintech co-head at the blockchain tech company ConsenSys, ...