USA to Host Yet Another Silk Road Bitcoins Auction

News and Analysis

The USMS has announced a new auction to sell bitcoins seized under several criminal proceedings, including Silk Road.

The auction is to take place on August 22. Overall amount of bitcoins to be sold comprises 2,718 (nearly $1.6 million at current exchange rate).

The USMS has stated that the lion’s share of the coins (1,294 BTC) has been seized from drug dealer Matthew Gillum; another 65 BTC belonged to former agent of the Drug Enforcement Administration Carl Force IV convicted of abusing his office; 2.8 BTC of the bitcoins in question belonged to Ross Ulbricht personally.

The auction will consist of one block, with a $100,000 deposit required. The registration deadline is August 18, and the auction will take place between 13:00 and 19:00 UTC on August 22.

The overall amount of bitcoins seized from Ulbricht exceeds 144,000 BTC ($122 million at the time of seizure). Additionally, the USMS has seized 29,000 BTC from other wallets associated with Silk Road.

December 2015, the USMS held the latest auction to sell bitcoins seized from Silk Road. The auction was stated to be the last one. Back then, the US Marshalls Service managed to sell 44,000 BTC.

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