US to auction $18m worth of Bitcoin seized from Silk Road

What do you do with a vast quantity of seized crypto currency? Hoard it? Spend it? Or auction it off to the highest bidder?

The United States Marshals service has opted for the latter. It is planning to auction $18m (£11m) worth of Bitcoin which was seized by the FBI during a crackdown on notorious drug sale website Silk Road.

The “dark net” trading website was shut down in October last year after being used for trading narcotics and other illegal goods. Payments were made in Bitcoin in order to ensure users’ anonymity, the BBC reports.

The US Marshals Service said the 29,656.51306529 Bitcoins set to go up for auction were those that had “resided on Silk Road servers”.

Those wishing to make an offer will have to put forward a deposit of $200,000, and pay in cash only. The sale begins on 27 June.

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