Silk Road operator Ross Ulbricht's stash of 50,000 bitcoins will be auctioned by the US Marshals in an auction on March 5. Pre-registered participants will have the chance to place bids during a six-hour window, with the winning bidder contacted on March 6.
The value of bitcoins has decreased from $1,147 in December 2013 down to $238 over the weekend.
"This sealed bid auction is set for 50,000 bitcoins separated into two series: Series A (10 blocks of 2,000 bitcoins), and Series B (10 blocks of 3,000 bitcoins," according to a public statement from the US Marshals. "You will not have the opportunity to view other bids. You will not have the opportunity to change your bid once submitted."