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US to put $11m of seized SilkRoad bitcoin under the hammer

By NexChange
FinTech

Next month U.S. Marshals will auction off just over 44,000 bitcoins - worth $10.7 millon - seized after the arrest of SilkRoad founder Ross Ulbricht (AKA Dread Pirate Roberts) in 2013.

SilkRoad was the darknet marketplace that gave bitcoin so much of its early notoriety. Bitcoin was used by SilkRoad visitors to trade in various contraband items, mostly drugs. The site generated $1.2 billion in revenue in just two years of operation.

The sale, announced on U.S. Marshals site, will be in November, between 8 am and 2pm EST. The bitcoins will be sold in 21 blocks of 2000, plus an additional block of 2,341. Potential bidders are able register using a form available on the site. Bidders need to register by November 2 and winners are notified on November 6.

In total, more than 144,000 bitcoins (then worth $122 million) were seizen from Ulbricht. The other 100,000 have been liquidated by the agency in two other public auctions.

Photo: Antana

 

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