The Government Will Auction Off a $1.6 Million Bitcoin Stash

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The U.S. Marshals service is auctioning off over $1.6 million of dispossessed bitcoins in a one-day eventuality on Aug 22. The outrageous cube of digital banking mostly comes from a value troves of black marketplace retailers like Silk Road, a dim web drug offered site.

The auction, that runs online from 8 a.m. to 2 p.m. Eastern, will sell off a 2,719.32669068 bitcoins as one block. At a stream sell rate for bitcoin, that’s approximately $1,601,656 value of cryptocurrency that will be on a auction retard for a top bidder.

The seized cryptocurrency came from countless justice cases, though one in sold stands out. United States v. Ross William Ulbricht sent a owner of drug marketplace Silk Road to jail for life. Ulbricht was convicted of income laundering, mechanism hacking, and swindling to trade narcotics for his impasse in Silk Road. The justice preference also forced Ulbricht to pledge “any and all skill performed directly or indirectly as a outcome of any such violation.”

U.S. v Ulbricht captivated widespread publicity, and a shutdown of Silk Road sparked a discuss about a site’s impact and alerted other hackers and low web retailers to a genuine consequences of their profession.

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