US Marshals will auction off another lot of 50,000 bitcoins

The US Marshals will auction off 50,000 bitcoins that were seized from Silk Road.

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The US Marshals plan to auction another lot of 50,000 bitcoins, worth around $19 million, which were seized when the federal government shuttered the original Silk Road. The second auction is scheduled to run for two weeks, and a winner will be announced on Dec. 5. The second auction takes place five months after a lot of 30,000 bitcoins were sold off by the US Marshals.

US Marshals will auction off another lot of 50,000 bitcoins | TweakTown.com

The first auction was won by venture capitalist Tim Draper, and the value of bitcoins have dropped from $647 down to $384 - but should still draw fierce competition from bidders able to pay the required $100,000 deposit to the US Marshals.

An experienced tech journalist and marketing specialist, Michael joins TweakTown to cover everything from cars & electric vehicles to solar and green energy topics. A former Staff Writer at DailyTech, Michael is now the Cars & Electric Vehicles News Reporter 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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