Guess What The Feds Are Doing With Seized Bitcoins?

The auction is scheduled for December 4th. What are the Feds doing with the piles of Bitcoin seized last year?

Get out your paddle - they'll be auctioning them off to interested parties next month. 

The US Marshals Service announced Monday that the auction of 50,000 bitcoins, worth about $19 million, will happen on Dec. 4th. 

Instead of a room filled with shouting buyers and a fast talking auctioneer, this will be a silent auction. Potential bidders must submit bids in advance with no knowledge of other bidders’ offers.

This is the US Marshals Service’s second Bitcoin auction. They are selling off the assets seized in last October’s Silk Road raid. 

"Silk Road" was shut down in October. It was anonymous Internet marketplace for illegal drugs like heroin and cocaine and criminal activities such as murder for hire. The alleged owner was arrested and the bitcoin siezed. 

Bitcoin is an experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network.

Want to learn more about Bitcoin? We have some weird facts about the digital currency



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