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US Marshals Auctioning $20M Worth of Silk Road's Bitcoins

Posted by Soulskill on from the all-about-the-bitjamins dept.

coondoggie writes: The U.S. Marshals office says it will auction off almost 50,000 bitcoins (about $20 million worth) seized from alleged Silk Road creator Ross Ulbricht. The auction, which is the second sale of Silk Road's bitcoin collection, will take place during a 6-hour period on Dec. 4 from 8:00 a.m. until 2:00 p.m. EST. Bids will be accepted by email from pre-registered bidders only, the U.S. Marshals office said. In June more than $17 million in bitcoins seized from the Silk Road take-down were auctioned off.

5 of 119 comments (clear)

  1. Payment methods by dysmal · · Score: 5, Funny

    Will they accept bitcoins?

  2. But the case hasn't even started! by Chaos+Incarnate · · Score: 5, Insightful

    So, his trial hasn't even started yet, but they're already auctioning off what they seized as part of the investigation.

    There's sleazy, and then there's the U.S. Marshals.

    --
    Benford's Corollary to Clarke's Law: "Any technology distinguishable from magic is insufficiently advanced."
    1. Re:But the case hasn't even started! by i+kan+reed · · Score: 5, Insightful

      Bitcoins were deemed to be regulated as currency, and thus the remuneration the US government might owe the defendants can be delivered in US dollars, should the property not be found to be forfeit.

  3. Another word for robbery by canadiannomad · · Score: 5, Informative

    Civil Asset Forfeiture

    --
    Hmm, the humour and sarcasm seem to have been be lost on you.
  4. But the case hasn't even started! by slashdice · · Score: 5, Informative

    They're being auctioned off, with agreement from Ross Ulbricht, due to the volatility of BTC. There will be a separate civil forfeiture trial later.

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