The US government made the announcement last week that it will be auctioning off $18m worth of topical crytpocurrency Bitcoin. Originally seized by the FBI in October last year, the Bitcoins up for sale are from the online drug marketplace Silk Road.
The US Marshals Service have made a statement in regards to the sale, saying the 29,656.51306529 Bitcoins up for auction had “resided on Silk Road servers.” The bidding process will begin on June 27. All prospective bidders are required to put forward a deposit of $200,000, with all offers to be made in cash.
It was estimated that over $1.22m worth of trading took place on Silk Road every month using Bitcoin.