The US Marshals Services May Auction the Remaining Silk Road Bitcoins Before the New Year

0
21

The US Marshals Services May Auction the Remaining Silk Road Bitcoins Before 2016

It’s just a couple of months that are remaining for 2016 and the US Marshals Service or USMS has revealed that it may auction off any remaining Bitcoins that were confiscated from convicted Silk Road mastermind Ross Ulbricht. After receiving huge success earlier this year in March when it auctioned the confiscated Bitcoin, the organization hopes, it will be a hit.

Earlier this year 14 bidders participated in the auction of 50,000 BTC, worth $13.4m, placing 34 bids over the course of the six-hour event. This auction was just for a small portion of what the USMS had seized i.e. more than 144,000 BTC. It was valued $122m at the time of the confiscation; however, as the exchange rate has been fluctuating, the value to has gone up and down.

Interestingly, Ross Ulbricht who was caught in late 2013 along with 29,655 BTC held in wallets on the online black market at the time of its closure, is now in jail. The regulatory body in the US wants to set example punishing him hard not just by confiscating the Bitcoin he had earned but also getting tough punishment from the court.

All the Bitcoin Auctions have been Successful

In a statement USMS said that the event will be the final auction involving Bitcoins from the Silk Road investigation, with 44,336 BTC ($10m at press time) being offered up to prospective investors. Talking about the decision the spokesperson for the USMS said that the organization still does not have any dates to announce, but do expect to hold the event before the end of 2015.

So far, the USMS has been quite successful in its attempt to auction the confiscated Bitcoin and receive attractive prices. As has been mentioned above in the three auctions that were held it received attractive bids from the qualified members of the US public and in the most recent event, held in March, saw 14 bidders vie to purchase 50,000 BTC.

Even during the auctions done in March this year USMS had hinted that after auctioning 50,000 Bitcoin from 144,000 BTC that were taken from Ulbricht at the time of his arrest, it will auction the remaining 44,000 BTC sooner than the later. This could also be the opportune time as the Bitcoin exchange rate against USD seems to have settled between $220 to $250.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com