Silk Road’s Final Bitcoins Seized by LE to be Auctioned Off

This week the United States Marshall's Service announced that they will soon be auctioning off the last of the bitcoins seized during the take down of Silk Road. The mountain of near 45K bitcoins holds an estimated value of over $10 Million Dollars (USD).

0
2494
Silk Road Bitcoin Auction

This week the United States Marshall’s Service announced that they will soon be auctioning off the last of the bitcoins seized during the take down of Silk Road. The mountain of near 45K bitcoins holds an estimated value of over $10 Million Dollars (USD). A small portion of the originally seized 144,000 bitcoins which were valued at 122 Million dollars. Either way, the new set of bitcoin are worth only a dismel fraction of what they were worth only 2 years ago.

If you wan’t to own a piece of true darknet history, then here is your chance. The 6 hour long auction is set to take place on the 5th of November 2015 and will begin at 10am (Eastern Time) but will only be open to bidders who pre-register.

“These bitcoins were held in wallet files that resided on certain computer hardware belonging to Ross William Ulbricht, that were seized on or about October 24th 2013” states the U.S. Marchals Service website.

The confiscated Bitcoins are to be auctioned in several block sets consisting of 2,000 bitcoins each, so if you plan on attending make sure you have the funds to throw down. That includes a $100,000 deposit mandated by the USMS to even take part in the auction, which pre-registration period is open from October 19th through November 2nd. Bidders who are lucky enough to win an auction lot will find out on November 6th.

It’s not yet entirely clear where the profit generated from this auction will go, but regardless, it’s worth stating that LE shoudlnt see this as a reminder of their victory against the Darknet Markets. It should serve as a reminder of how the publicity from the raid helped grow the popularity of the darknet markets and encouraged other large marketplaces to strengthen their security.

[Total: 2    Average: 2.5/5]