The US Marshals Service, also known as the USMS auctioned off a large part of the Bitcoins confiscated from the Silk Road CEO, Ross Ulbricht a while ago. However, they have just revealed that they are likely to auction off the remaining Bitcoins in the following months, prior to the end of 2015.
Not many people are aware of this, but during the Silk Road investigation, the USMS seized over 144,000 BTC, worth over $122 million in late 2013, but also more than 29,000 BTC from Silk Road Bitcoin wallets.
It has been reported that the event will be the last auction of Bitcoin from the investigation, with over 44,000 BTCs being offered to prospective investors, willing to get involved with the digital currency. A USMS representative stated that they don’t have an exact date planned, but that we should expect the event to be held by the end of this year.
Unfortunately for some, the auction is only opened to US citizens, so foreign investors won’t be able to make a move on this auction unless they have someone working for them in the States.
The last auction, held in March was quite popular, with 14 bidders trying their best to purchase over 50,000 BTC. At that moment, a secretive Bitcoin firm known by the name of Cumberland Mining won the majority of the Bitcoins up to sale- 47,000. Let’s just hope that during this last event, private investors will also be free to bid on the coins and hopefully get some for themselves.
The auction represents a positive move from the USMS, as initially, when the Bitcoins were seized, not many people imagined the agency auctioning off these coins. Instead, many attacked it for keeping the coins for themselves, without allowing them to freely circulate on the market. While legislative framework for such a move existed, it looks like the USMS understands the importance of the crypto-market and is willing to give back to the public.
Now, here comes an interesting question: Will the Japanese authorities auction off the Bitcoin worth over $350 million stolen from the Mt. Gox exchange if ever found? Let us know your thoughts in the comment section below.
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