The FBI intends to sell off the Bitcoins that it seized as part of their investigation into online drug marketplace Silk Road, they seized around 30,000 Bitcoins which are valued around $17.3 million U.S. dollars.
The FBI also announced that they seized an additional 144,341 Bitcoins as part of the investigation, and these will be sold at a later date.
The seized Bitcoins will be auctioned in blocks of 3,000 units, with each block having a value of around $1.7 million U.S dollars. and the auction will take place on the 27th of June.
The Marshals Service said the first auction would take place over a 12-hour period on June 27 in nine blocks of 3,000 bitcoins and one of 2,657 coins. Interested buyers can place bids via a form at the U.S. Marshals website. The winners will be notified on June 30.
The sale of this many Bitcoins could possibly have a negative effect on the price of the digital current, it is trading around $583 at the moment.
It is not clear as yet on when the further 144,341 Bitcoins will be sold by the FBI, we presume they will also be auctioned off in similar blocks.
Filed Under: Technology News