Bitcoins Worth $28 Million Forfeited in Silk Road Case, Will Be Auctioned Off

There's no clue yet as to when the auction will take place

By on January 17th, 2014 12:11 GMT

Federal prosecutors announced that Bitcoins worth approximately $28 million (€20.6 million), depending on the Bitcoin value, seized from Silk Road were forfeited.

More exactly, 29,655 Bitcoins seized from the Silk Road servers were forfeited, as announced by Preeet Bharara, the United States Attorney for the Southern District of New York. The pack was seized by the FBI in October.

“These Bitcoins were forfeited not because they are Bitcoins, but because they were, as the court found, the proceeds of crimes,” Bahara said.

Silk Road was an online drug marketplace closed by the authorities several months back. It enabled anonymous users to buy and sell drugs using secure connections. Trading was usually done with Bitcoins.

The market’s alleged owner and operator, Ross Ulbricht, is currently facing trial for computer hacking conspiracy, narcotics trafficking conspiracy and money laundering.

The Feds are going to auction off the coins, although no date has been provided for this.
Silk Road bitcoins to be auctioned off
   Silk Road bitcoins to be auctioned off
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