US Government to Auction $26 Million in Silk Road Bitcoins

The US Government is planning to auction the 29,655 bitcoins seized by US law enforcement agents in the raid of the online black market Silk Road.


Back in 2013 the FBI arrested Ross Ulbricht, the founder of Silk Road. His assests and devices were seized which included about 29,655 Bitcoins. The current value of the Silk Road Bitcoins sit at around $26 million but of course that is set to change as the value of Bitcoin changes almost every day.

US District Judge J. Paul Oetken signed off on the forfeiture order last Thursday, giving the government the go ahead to sell off the assets. There was no timetable given, but it brings them one step closer to unloading the Silk Road Bitcoins, which are said to account for 1.5% of all Bitcoins.

Manhattan US Attorney Preet Bharara who is prosecuting the case said this about the case and the Bitcoins:

“With today’s forfeiture of $28 million worth of bitcoins from the Silk Road website, a global cyber business designed to broker criminal transactions, we continue our efforts to take the profit out of crime and signal to those who would turn to the dark web for illicit activity that they have chosen the wrong path. These bitcoins were forfeited not because they are Bitcoins, but because they were, as the court found, the proceeds of crimes.”

Source: CoinDesk | News Archive

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