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US government to auction off Silk Road Bitcoin haul

29,656.51306529 BTC up for grabs
Fri Jun 13 2014, 14:46
bitcoin2-5

THE UNITED STATES MARSHALS SERVICE (USMS) has announced that it will auction off part of the Bitcoin haul that was seized during the Silk Road takedown last year.

The USMS plans to auction off nearly 30,000 Bitcoins - 29,656.51306529, to be exact - or $18m worth, which was picked up in the seizure of the black market Silk Road, an online marketplace for the buyers and sellers of illegal drugs, among other things, last October.

Only the Bitcoins found in wallet files that resided on Silk Road's servers are being auctioned off, the USMS said, and will not include any Bitcoins that belonged to Silk Road founder Ross Ulbricht, who the FBI picked up last October.

The auction will take place during a 12-hour period on June 27, and the USMS said that interested parties must register to take part, a process that requires putting up a refundable $200,000 deposit.

"The USMS will contact each individual who submits a registration form by 5:00 PM EST, June 26, 2014. If the USMS determines that you are an eligible bidder, you will receive communication of that fact from the USMS and will be provided with additional information regarding how to place your bid," the USMS website advised.

The Bitcoins will be auctioned off in nine blocks of 3,000 Bitcoins and one block of 2,656.51306529 Bitcoins, and the winning bidders will have to pay the full amount in cash.

"The USMS will not sell to any person who is acting on behalf of or in concert with the Silk Road and/or Ross William Ulbricht, and bidders will be required to so certify," the USMS said. µ

 

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