Skip to main content
Advertising

Originally published June 13, 2014 at 7:20 AM | Page modified June 13, 2014 at 7:26 AM

  • Share:
           
  • Comments (0)
  • Print

US Marshals to auction seized bitcoin

The U.S. Marshals Service said Thursday it will auction roughly $18 million in bitcoins seized last fall from Silk Road, a website that was effectively the eBay of illegal drugs.


AP Technology Writer

advertising

NEW YORK —

The U.S. Marshals Service said Thursday it will auction roughly $18 million in bitcoins seized last fall from Silk Road, a website that was effectively the eBay of illegal drugs.

The marshals said Thursday that they will auction the virtual "coins," consisting of sets of numbers entered in an online public ledger, via the Web on June 27.

Authorities say Silk Road generated more than $1 billion in illicit business from January 2011 to October 2013, when alleged operator Ross William Ulbricht was arrested in a public library in San Francisco. Ulbricht has pleaded not guilty. The website took commissions in bitcoins, which are hard to track.

The marshals are auctioning off 29,657 bitcoins in 10 blocks, which means buyers will need to pony up nearly $1.8 million each.

The Marshals Service is keeping another 144,342 bitcoins, worth about $87 million at current rates, that were found on Ulbricht's computer. He's contesting their forfeiture.

___

Online:

U.S. Marshals Service's auction details: http://www.usmarshals.gov/assets/2014/bitcoins/



Want unlimited access to seattletimes.com? Subscribe now!

Also in Business & Technology

News where, when and how you want it

Email Icon

Where in the world are Seahawks fans?

Where in the world are Seahawks fans?

Put your marker on The Seattle Times interactive map and share your fan story.

Advertising

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►