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U.S. Marshalls to sell 44,341 confiscated bitcoins at auction

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October 6, 2015

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Earlier this morning, U.S. Marshalls said they will soon be selling 44,341 confiscated bitcoins at a U.S. government auction.

The amount of the involved electronic currency is worth a little more than $10.7 million at today's market price.

This is the very last treasure trove of bitcoins seized from the now-defunct website Silk Road, which the FBI shut down in late 2013.

In total, the FBI confiscated about $33.6 million in bitcoins as it seized all assets of Silk Road. The bitcoins were taken from computer hardware illegally possessed by Silk Road founder Ross Ulbricht.

To be sure, Silk Road was a black market for illegal drugs, including cocaine, opium, LSD and heroin, as well as illegal services like hacking tutorials and how-to-manuals.

Although very obscure, Silk Road had a certain appeal for drug dealers because they thought they were anonymous and their activities were unable to be traced. As the U.S. FBI has demonstrated, they were all wrong.

As a result, Silk Road, as well as some of its customers were caught, arrested and thrown in jail for those criminal activities.

Ulbricht, who called himself the 'Dread Pirate Roberts' was found guilty earlier this year on seven federal counts, ranging from money laundering, illegal smuggling, to drug dealing.

Ulbricht was sentenced to life in prison, with no chance of parole. The seized bitcoins will be sold by the U.S. Marshalls at an official government auction on November 5, 2015 in twenty-two separate blocks from 8 a.m. to 2 p.m. EST.

Registration begins on October 19 and ends on November 2. We will keep you posted as to the results of the auction as well as some details on how it went.

Source: The U.S. Department of Justice.

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