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."
Ulbricht has been convicted for his role in owning and operating Silk Road, and will be sentenced on May 15.