U.S. Marshals Service Faces Scrutiny Over Bitcoin Management

According to Odaily, the U.S. Marshals Service (USMS) has not provided detailed information to Senator Cynthia Lummis regarding its handling of Bitcoin seized in the Silk Road case by last Friday's deadline. Last month, Lummis expressed concerns in a letter to the USMS about the agency's plan to sell approximately 69,370 seized Bitcoins, valued at over $6.6 billion at current market prices. She highlighted potential financial losses for taxpayers and conflicts with the Trump administration's policy directives. Lummis emphasized the agency's previous Bitcoin sales, noting that between 2014 and 2023, the USMS sold 195,092 Bitcoins for only about $366 million. At current market prices, these assets are worth over $18.7 billion, which she described as a "potential value loss of up to 98%." The letter also referenced a recent court document indicating that the Department of Justice is expediting the sale process due to Bitcoin price volatility. Lummis expressed concern over the department's active pursuit of liquidation despite legal challenges, particularly during the presidential transition period. The letter urged the USMS to enhance transparency in managing Bitcoin assets, including public disclosure of holdings. It also sought to hold the agency accountable for past losses and ensure better decision-making in the future.