Ulbricht, 31, was found guilty on all charges relating to his connection with the Silk Road market, which was the world’s most popular online drug store, functioning on the deep web. He was sentenced to life in prison on May 29.
During the course of the investigation, the USMS seized more than 144,000 BTC from Ross Ulbricht, the creator of the Silk Road marketplace. At the moment of seizure, the bitcoin were worth about $122 million. In addition to these funds, the USMS also confiscated a total of 29,000 BTC from various Silk Road-related wallets.
Over the past year, the U.S. Marshals Service (USMS ) has auctioned off a large part of the bitcoin that had been confiscated as a result of the Silk Road investigation. The USMS will hold the final auction for 44,341 bitcoin seized as a result of the criminal conviction and civil forfeiture against Ross Ulbricht. At today’s market price, the bitcoin are worth about $15 million.
Based on the latest statement released by the USMS, the auction will be carried out during a six-hour period, starting at 8 a.m. and ending at 2 p.m. Eastern on November 5. Once the auction is started, bids will be accepted by email from bidders who have pre-registered by completing all of the registration documents. The registration period runs from October 19 to today, November 2.
The last auction was held in March, and was deemed a success, with a total of 14 bidders purchasing more than 50,000 BTC. However, it did spark some controversy, as a secretive bitcoin firm named Cumberland Mining managed to win the majority of the bitcoin.
To be considered valid applicants for this auction, interested bidders should complete the papers regardless of whether they participated in the last auction held by the USMS. Also, the auction is open only to U.S.citizens, so foreign investors won’t have a way of participating by themselves; the only viable way of getting some of the bitcoin is through a third party or syndicate.
Bitcoin's Price Slides Below $6.5K to Hit 70-Day Low
The price of bitcoin, the world's largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday.
Bitcoin's value slid to $6,455.92 during the afternoon trading
India's Central Bank Stays Mum on Crypto Ban Reasoning
The Reserve Bank of India (RBI) has responded to a query about why it moved to block banks from dealing with cryptocurrency businesses earlier this year – but the reply isn't very telling.
Congressional Bill Calls for Study of Crypto Use in Sex Trafficking
Congress is set to consider yet another proposed mandate for a cryptocurrency study, this time in the area of sex trafficking.
The House of Representatives Financial Services Committee is introduci
No rest for bitcoin traders as wild movements and big milestones often happen on the weekends
For bitcoin traders, key times to buy or sell often come at the least opportune time to be behind a computer monitor: Saturday night. Some of the digital currency's steepest price swings have
Even as bitcoin plunges, it’s still more popular than Beyonce, crypto expert Brian Kelly says
Google searches for bitcoin have plummeted 75 percent this year, leading some to worry investors are losing interest in the buzzy cryptocurrency. Not bitcoin expert Brian Kelly. "It's probably
UN Trade Body Examines Blockchain's Potential in Supply Chains
A United Nations body that facilitates global trade is examining blockchain and smart contracts to see if they could play a role in its mission.
To that end, the United Nations Centre for Trade Fac
Apple Blocks Crypto Mining Apps On Its Products
Apple has moved to put a stop to any crypto-mining apps that might be used on its mobile products.
In a recent update, the personal computing company expanded its initial guidelines on cryptocurren
Money-Laundering Task Force Wants Binding Rules for Crypto Exchanges
The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to tackle money laundering, is planning to develop binding rules for the world's cryptocurrency exchang