FBI to Auction Silk Road’s Bitcoins ($18m)

Remember last year when the online black market Silk Road was shut down? The US Government sure do, they’re about to become the first government cash in on seized Bitcoins. They hit jackpot. On the 27 June, The US government will auction $18m worth of the crypto-currency to anyone able to meet their bidding requirements. Bidders will have to put a down-payment of $200,000 before making any bids. All winners must paid in cash and sign a waver that states are not involved with SilkRoad or it’s owner.

silkroad

The haul was seized by the FBI when it shut down Silk Road on October after a number of reports that the company was aiding in the distribution of drugs, pirated content and assisting in illegal activities.

Dread Pirate Roberts

Prior to this, the owner of Silk road, Ross William Ulbricht was chased down by the FBI. He was arrested in San Francisco on suspicion of drug trafficking, soliciting murder, facilitating computer hacking, and money laundering (to name just a few). The 29-year-old, who was known online by the pseudonym “Dread Pirate Roberts” is currently awaiting trial. We know he wont have any problems paying is legal bills as his Bitcoin stash is estimated to be valued at over $85m.

If you’re not doing anything on the 27th of June and have a lazy $200k, make sure you dust off your auction paddle and jump on board the crypto-currency band wagon that no one actually understands. Sounds like a good idea.