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US to auction off Pirate\ s Bitcoin booty.

The US Marshals Service has announced plans to auction off $18m worth of Bitcoins seized from the online marketplace the Silk Road.

The Silk Road marketplace, which mainly focused on trading

in illegal commodities and services, was shut down by the FBI in October last

year. Transactions on the site were conducted in Bitcoins and other

crypto-currencies to preserve the anonymity of users.

The 29,000 Bitcoins which will be auctioned were residing on

Silk Road servers, the Marshals Service said, although they were not the

direct property of Ross Ulbricht, AKA Dread Pirate Roberts, the alleged mastermind of the

Silk Road.

Ulbricht was arrested and charged with money laundering, computer

hacking, conspiracy to traffic narcotics and plotting to kill a Silk Road user

who was allegedly blackmailing Ulbricht.

The cash-only auction will take place on 27th June, and

bidders will be required to lodge a $200,000 deposit to take part in the

auction. The Marshals Service also warned that buyers would have to prove that

they are not acting on behalf of Ulricht or the Silk Road.

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Publication:ITP.net
Date:Jun 13, 2014
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