Tags: bitcoins | auction | us | digital currency

US to Auction $1.6 Million Worth of Bitcoin From Various Cases

Image: US to Auction $1.6 Million Worth of Bitcoin From Various Cases

(Imaginechina via AP Images)

Monday, 08 Aug 2016 11:27 AM

 

The U.S. government said on Monday it plans to auction over 2,700 bitcoin that were forfeited during several cases, including the prosecution of the creator of the online black market known as Silk Road.

The U.S. Marshals Service said that the online auction would be held on Aug. 22, and that potential bidders must register by Aug. 18. The bitcoin are worth about $1.6 million, according to the Bitstamp exchange.

The auction is the latest by the Marshals Service of the digital currency. It completed four prior auctions from June 2014 to November 2015 of bitcoin seized during the prosecution of Ross Ulbricht, who authorities say ran Silk Road.

His case is one of nine criminal, civil or administrative matters from which the Marshals Service said the 2,719 bitcoins had been forfeited and are subject to the latest auction.

Ulbricht, 32, was sentenced in May 2015 to life in prison after being convicted for orchestrating a scheme that enabled more than $200 million of anonymous online drug sales through Silk Road using bitcoin. He is appealing.

The Marshals Service said bitcoins in the auction also came from the case of Carl Force, a former U.S. Drug Enforcement Administration agent who was sentenced in October to 78 months in prison for stealing bitcoins during the Silk Road investigation.

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
StreetTalk
The U.S. government said on Monday it plans to auction over 2,700 bitcoin that were forfeited during several cases, including the prosecution of the creator of the online black market known as Silk Road.
bitcoins, auction, us, digital currency
217
2016-27-08
Monday, 08 Aug 2016 11:27 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved