Sunday, Jun 26, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Nation

US Marshals to auction seized bitcoin

NEW YORK — The U.S. Marshals Service said today it will auction roughly $18 million in bitcoins seized last fall from Silk Road, a website that was effectively the eBay of illegal drugs.

The marshals said today that they will auction the virtual “coins,” consisting of sets of numbers entered in an online public ledger, via the Web on June 27.

Authorities say Silk Road generated more than $1 billion in illicit business from January 2011 to October 2013, when alleged operator Ross William Ulbricht was arrested in a public library in San Francisco. Ulbricht has pleaded not guilty. The website took commissions in bitcoins, which are hard to track.

The marshals are auctioning off 29,657 bitcoins in 10 blocks, which means buyers will need to pony up nearly $1.8 million each.

The Marshals Service is keeping another 144,342 bitcoins, worth about $87 million at current rates, that were found on Ulbricht’s computer. He’s contesting their forfeiture.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…