Seized Silk Road bitcoins auctioned off, with 45 bidders involved

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

Published Mon, Jun 30 2014 3:11 PM CDT   |   Updated Tue, Nov 3 2020 12:15 PM CST

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.

Seized Silk Road bitcoins auctioned off, with 45 bidders involved | TweakTown.com

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.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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