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Seized Silk Road bitcoins auctioned off, with 45 bidders involved

More than 40 bidders competed for almost 30,000 bitcoins seized from Silk Road

| Business, Financial & Legal News | Posted: Jun 30, 2014 8:11 pm

The US Marshals Service successfully auctioned off bitcoins seized from Silk Road, with 45 registered bidders participating for their share of 29,000 bitcoins valued around $18.7 million. The auction took 12 hours and winning bidders will be contacted before the end of the day today to claim their prize.

 

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The bitcoins were separated into nine separate blocks of 3,000, and the last one had 2,657 bitcoins. The award process is currently ongoing, so there isn't a final tally of winning bidders just yet, according to the Marshals Service. This is a rather unprecedented event, so the government was unsure if it should reveal winning bidders - and what they paid for the seized bitcoins.

 

An additional cache of bitcoins valued around $85 million, which belonged to Silk Road owner Ross Ulbricht could be auctioned in the future - pending legal proceedings where Ulbricht saying they are his personal property and not related to Silk Road.

NEWS SOURCESCoindesk.com, Cdn0.sbnation.com

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