New York exchange itBit says won 5 blocks of US bitcoin auction

NEW YORKNew York-based bitcoin exchange itBit said on Monday it won five blocks of the digital currency at last week’s auction conducted by the U.S. Marshals Service.

The bid by itBit was organized on behalf of a syndicate of the exchange’s and over-the-counter trading clients, said Bobby Cho, director of trading at itBit, in an email to Reuters.

The five blocks of the virtual currency may have added up to at least 10,000 bitcoins. Cho declined to make further comments.

Last week’s auction included 21 blocks of 2,000 bitcoins and one block of over 2,341.

The U.S. government on Thursday held its final auction of bitcoins seized during the prosecution of the creator of Silk Road, an online black market where the virtual currency could be used to buy illegal drugs and other goods.

It auctioned 44,341 bitcoins last week.

When contacted for comment, the U.S. Marshals Service said it was not anticipating further announcements on Monday.

itBit also won part of the U.S. government’s auction in March, nabbing 3,000 of the 50,000 bitcoins auctioned.

Read more ... source: TheBitcoinNews

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