Ernst & Young to sell $16 million in confiscated Bitcoin at auction in Sydney

“Given the quantum of Bitcoin that are going to the market, we want to make sure that people can complete the transaction.”

Off-market sales are the most common method of dealing with large quantities of seized property, especially liquid assets such as currency or shares. 

“If you go through the process of putting them through public exchanges, the significant sell order would push the price down,” said Mr Nikitins. “Not too dissimilar if you were to move a whole lot of BHP or Apple shares.”

In 2015, the US Marshals Service seized 144,000 Bitcoins from Ross Ulbricht, worth around $US122 million ($169.7 million) at the time, and auctioned off the cryptocurrency in similar lots.

Read more ... source: TheBitcoinNews