US Marshals to auction 50,000 additional Bitcoins seized from Silk Road mastermind

[Shawn Knight]

The US Marshals Service is once again auctioning a collection of Bitcoins seized from Silk Road mastermind Ross Ulbricht. A total of 50,000 Bitcoins, worth roughly $11.47 million as of writing, will be made available to the highest bidders on March 5 from 8am until 2pm EST.

This time around, the Bitcoins will be offered in 10 blocks of 2,000 Bitcoins and 10 blocks of 3,000 Bitcoins. Those interested in participating in the auction must pre-register by March 2. Winners will be notified on March 6.

This will be the third such Bitcoin auction that the US Marshals have conducted following the arrest of Ross Ulbricht in October 2013. The first took place on June 27, 2014, with the entire stash (nearly 30,000 Bitcoins) going to investor Tim Draper. A second auction in December saw the Bitcoin Investment Trust walk away with 48,000 of the 50,000 Bitcoins. Draper grabbed the remaining 2,000 Bitcoins.

Despite the fact that auction participants were to remain anonymous, the US Marshals accidentally leaked the identities of nearly 20 potential bidders in the first auction. Hopefully for them, that won’t happen again.

The controversial cryptocurrency has made strides towards legitimacy over the past year or so but that’s done little to help its value. A single Bitcoin was at one time valued at nearly $1,200 but that’s since fallen to around $230 as of this publication.

Ulbricht was recently found guilty on multiple charges in a New York court and is awaiting sentencing.

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https://www.techspot.com/news/59791-us-marshals-auction-50000-additional-bitcoins-seized-silk.html

 

[GeforcerFX]

Reducing the defecit one bit coin at a time...jk

 

[Guest]

Us government steals stuff then sells the same stuff months later.

I hope USA government official is reading this. What can you do???

 

[captaincranky]

Us government steals stuff then sells the same stuff months later.

I hope USA government official is reading this. What can you do???

Aw poor baby. Did that mean old US government take those poor people's bitcoins, when all they were doing is selling heroine and whatnot on the web?.

I think the Fed got ripped off with that bitcoin crap. At least they should have been able to seize US money. Then they wouldn't have needed to go through the aggravation of auctioning it off.

 

[Guest]

Lol. You think that seizing all those coins stopped the black market. Nothing has changed.

This was just as close to a publicity stunt. They did this to show the citizens that their government is doing something. In fact, they cant go to the root of this case.

 

[captaincranky]

Lol. You think that seizing all those coins stopped the black market. Nothing has changed.

This was just as close to a publicity stunt. They did this to show the citizens that their government is doing something. In fact, they cant go to the root of this case.

Cops and robbers may have been the inspiration for "Whack-A-Mole". But, publicity stunt or not, quite a few people got their day ruined with the silk road bust, and it wasn't the fed.

 

[Skidmarksdeluxe]

Lol. You think that seizing all those coins stopped the black market. Nothing has changed.

This was just as close to a publicity stunt. They did this to show the citizens that their government is doing something. In fact, they cant go to the root of this case.

Cops and robbers may have been the inspiration for "Whack-A-Mole". But, publicity stunt or not, quite a few people got their day ruined with the silk road bust, and it wasn't the fed.

Which reminds me (off topic)... What do the feds do with all the drugs they confiscate? Keep them for posterity, use them for their own needs or sell them to the highest bidding drug dealers?

 

[captaincranky]

Which reminds me (off topic)... What do the feds do with all the drugs they confiscate? Keep them for posterity, use them for their own needs or sell them to the highest bidding drug dealers?

They most likely do QA testing on certain illicit substances. Then they add them to their training regimen. (Inhales deeply...................(mumbles between teeth).............I bet I can hold my breath longer than you.... ... ).