Final batch of Silk Road bitcoins to be auctioned

The US Marshals Service (USMS) is set to auction the final remains of Bitcoins seized during the raid on Silk Road.

According to the Service, a total of 44,341 bitcoins will be offered on November 5, currently valued at £7 million.

The bitcoins will be auctioned in 21 blocks of 2,000 bitcoins and one block of just over 2,341 bitcoins.

The six-hour auction will take place between 8am and 2pm EST and will only be open to bidders who have pre-registered with the USMS.

“The registration period starts Oct 19 and runs until noon Nov 2, at which time potential bidders must have completed all registration requirements,” it says on the USMS website.

“Registration documents that were submitted for the Marshals' previous bitcoin auctions are not valid for this auction; interested bidders must submit new registration documents to be considered for this auction.”

This brings the total number of bitcoins auctioned to more than 144,000 since they were seized from Ross Ulbricht, the alleged creator of the Silk Road, back in 2013.

After being arrested for running Silk Road, an online marketplace for illegal narcotics, he was charged with money laundering, computer hacking, conspiracy to traffic narcotics,[9][10] and attempting to kill six people.

The murder charges were later removed from the indictment, and Ulbricht was convicted on all of the remaining charges following a jury trial that concluded in February 2015. Ulbricht was sentenced to life imprisonment without the possibility of parole on 29 May 2015 and resides in the Metropolitan Detention Center, Brooklyn as of June 2015.

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