US Marshals to Auction $1.6m In Bitcoins, Some From the Silk Road Case

In a statement to the press, the U.S. government announced that an auction will be held for more than 2,700 bitcoins, worth approximately $1.6 million, that had been seized during several government cases.

Among the bitcoins in the auction are ones that were formerly owned by Ross Ulbricht, the creator of the Silk Road who was sentenced to life in prison in 2015. The U.S. Marshals Service claim the 2,719 bitcoins came from a total of 9 cases including ones seized by the US Department of Homeland Security, the Bureau of Alcohol, Firearms and Tobacco, and the Internal Revenue Service. Four auctions containing or consisting of Ulbricht’s seized bitcoins have already been successfully completed.

Ulbricht wasn’t the only newsworthy case with coins involved in the auction; some of them came from Carl Force, a former Drug Enforcement Administration agent who is serving 78 months in prison for extortion. Force was critically involved in the Silk Road investigation. He offered Ulbricht information on the fed’s investigation in exchange for 400 bitcoins. Instead of reporting the money that Ulbricht sent him, Force deposited it into his personal accounts. He was able to get another 525 in a similar transaction. Both times

Read more ... source: TheBitcoinNews