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U.S. Marshals auctioning off 50,000 Bitcoins seized from Silk Road operator

Written by Andre Yoskowitz (Google+) @ 18 Nov 2014 23:41 User comments (6)

U.S. Marshals auctioning off 50,000 Bitcoins seized from Silk Road operator The U.S. Marshals Service has announced that it will be auctioning off 50,000 Bitcoins seized from the alleged operator of the Silk Road drug marketplace.
At current Bitcoin pricing, the coins should bring in about $19 million USD. The coins were found in the digital wallet of Ross Ulbricht, who is accused of running the online bazaar for drugs found in the Tor deepnet.

Five months ago, the Marshals sold 30,000 seized Bitcoins following the raid in October 2013 in which the marketplace was shut down.

Bidders will have a six-hour window on December 4th to bid on the lots which will breakdown as 10 blocks of 2000 Bitcoins each followed by 10 blocks of 3000 Bitcoins each. Bidders will have to go through a background check to ensure they are not connected to the Silk Road or Ulbricht.

Even after the two auctions, the Marshals will have plenty of remaining coins to sell. In total, nearly 174,000 Bitcoins were seized in connection with the Silk Road. There are plans to auction the remaining currency in the coming months.

Source:
NYT

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6 user comments

119.11.2014 18:00

What a shame this site got seized.........woulda been a great place to start looking for a new liver if I keep boozin' it up with my peeps.

219.11.2014 22:04

If the Powers That Be keep shutting down P2P sites & sites like Silk Road, they're asking for Armageddon.

320.11.2014 22:44

look at it this way you think someone is stupid enough to spend 1 million dollars to get 1 million dollars of bitcoins who's the moron in this

421.11.2014 14:16

Ain't that the truth.

524.11.2014 13:50

Who gets the money?

624.11.2014 17:26

You do, our government doesn't extort monies, or do they? ;P

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