U.S. Marshals complete auctioning off 30,000 seized Bitcoins

Written by Andre Yoskowitz @ 28 Jun 2014 11:38 User comments (4)

The U.S. Marshals Service confirmed this week that it was done auctioning off nearly 30,000 Bitcoins that were seized during a raid on the Silk Road black market.

At a value of $17.7 million, the Bitcoin auction took about 12 hours on Friday. The coins were auctioned in blocks of 3000 with a final block of 2,657 bitcoins. The Marshals Service will notify all winners on Monday.

The Silk Road online black market was shutdown by the FBI in September 2013, with agents arresting alleged mastermind Ross Ulbricht and taking control of the Silk Road's servers. The 29,657 coins were seized in forfeited in January.

There is little chance that the winning bidders will pay market price for the coins, since millions are available through existing exchanges at the ongoing market rate.

Besides the nearly 30,000, the Marshals have 144,342 Bitcoins seized from Ulbricht that are pending a civil forfeiture proceeding.

Source:
BI

Tags: Silk Road Bitcoins

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4 user comments

130.6.2014 03:44

Jemborg

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Senior Member

So I guess this means in any court that bitcoins ARE legitimate currency.

230.6.2014 07:55

dp70

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Junior Member

Actually they are property subject to seizure as the results of commission of a crime. All such items, except for contraband, can be auctioned-off. The US Marshalls care less what becomes of a forfeited item. Their function is to follow a court order.

Does that mean a Federal Court has ruled them as currency? They are as much currency as the computers confiscated.

330.6.2014 08:25

Jemborg

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Senior Member

I wasn't commenting on the seizure itself if that's what you thought. I suppose I could be accused of being redundant or some such.

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This message has been edited since its posting. Latest edit was made on 30 Jun 2014 @ 8:26

430.6.2014 11:00

bhetrick

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AfterDawn Addict

Originally posted by Jemborg:
So I guess this means in any court that bitcoins ARE legitimate currency.

I don't think the court looked at it as a form of currency.

I think it was just looked at as nothing more than another "item"; such as auctioning off a car, house, land, Hoover Steam Vac., etc.

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U.S. Marshals complete auctioning off 30,000 seized Bitcoins

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