US Federal Marshalls to auction seized Bitcoins from Silk Road

By Shawn Knight
Jun 13, 2014
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  1. When the FBI brought down the world's largest online drug marketplace last year and arrested alleged mastermind Ross Ulbricht, they also took possession of the site's assets - nearly 30,000 Bitcoins. On Thursday, the US Federal Marshalls moved those coins...

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  2. davislane1

    davislane1 TS Evangelist Posts: 3,547   +2,346

    I suspect from the lot size that these guys didn't consult any marketing, trading, or finance people beforehand. Large positions must be unwound...not lopped off in giant chunks.
  3. I hope no one buys these overpriced, stolen bitcoins.
    Wendig0 likes this.
  4. stewi0001

    stewi0001 TS Evangelist Posts: 1,181   +528

    I'm wondering if the starting price is going to be their current value. If it was a dollar a bitcoin, I would be all over that but I know that is unrealistic XD
  5. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,485   +2,038

    They should auction his personal stash as well, he isn't exactly going to be needing them where he's going, at least I hope so.
  6. jeromie

    jeromie TS Rookie

    I have a feeling they will convict him then sell his personal stash. The problem however is the sudden release of a total of 173,997 bitcoins onto the market and the sharp nosedive its price will take as a result.

    Granted the feds are used to printing money whenever they feel like it with no regard for inflation. And I'm sure they already have plans to give that money to another country instead of fixing our problems here.
  7. davislane1

    davislane1 TS Evangelist Posts: 3,547   +2,346

    Which is why they should be selling off the position in smaller chunks. Fast, large liquidation = price dives; slow, deliberate liquidation = $$$$.

    Technically, California is still part of the United States.

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