Feeds

US Marshals seek buyer for Silk Road's Bitcoin

$US17m of seized crytpocurrency to be auctioned on June 27th

Build a business case: developing custom apps

The U.S. Marshals Service is seeking a buyer for 29,656.51306529 Bitcoin it says once “resided on Silk Road servers.”

Bitcoin exchange Preev.com says that translates into about $US17.65m at the time of writing.

The Marshals' notice about the Bitcoin is framed as a chance to “submit a bid for purchase”. Bids must be accompanied by a completed registration form (PDF) and a deposit of $US200,000.

Those who register will then have a chance to participate in an online auction that will run for twelve hours starting at 06:00 on June 27th.

The sale is being conducted under the U.S. Marshals asset forfeiture program, which it says “has become a key part of the federal government’s efforts to combat major criminal activity by stripping criminals of their ill-gotten gains.”

Proceeds of the sales “are used to compensate victims, supplement funding for law enforcement initiatives and support community programs.” Agencies that made a bust leading to an asset forfeiture get special treatment when disbursements are made.

The auction will doubtless be watched with considerable interest, not least because there is plenty of irony in the fact that the U.S. Marshal is selling an asset with demonstrated potential to facilitate crime.

29,600 Bitcoin is also about 0.23 per cent of the 12.8m Bitcoin that Blockchain.info says are currently in circulation. The price that the Silk Road trove fetches may therefore have an impact on the cryptocurrency's value. ®

The essential guide to IT transformation

More from The Register

next story
Rupert Murdoch says Google is worse than the NSA
Mr Burns vs. The Chocolate Factory, round three!
Microsoft cries UNINSTALL in the wake of Blue Screens of Death™
Cache crash causes contained choloric calamity
e-Borders fiasco: Brits stung for £224m after US IT giant sues UK govt
Defeat to Raytheon branded 'catastrophic result'
Germany 'accidentally' snooped on John Kerry and Hillary Clinton
Dragnet surveillance picks up EVERYTHING, USA, m'kay?
Know what Ferguson city needs right now? It's not Anonymous doxing random people
U-turn on vow to identify killer cop after fingering wrong bloke
Snowden on NSA's MonsterMind TERROR: It may trigger cyberwar
Plus: Syria's internet going down? That was a US cock-up
Who needs hackers? 'Password1' opens a third of all biz doors
GPU-powered pen test yields more bad news about defences and passwords
Think crypto hides you from spooks on Facebook? THINK AGAIN
Traffic fingerprints reveal all, say boffins
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.