Feds To Dump Silk Road Bitcoin Stash

What's Next In Payments®
4:11 PM EDT January 17th, 2014

Federal officials plan to auction off a large stash of bitcoin value the FBI confiscated from the Silk Road digital black market.

Federal officials have not provided a timeline on when the sale would take place. The roughly 30,000 bitcoins confiscated from Silk Road are worth about $28 million based on current market prices, Finextra reported on Jan. 17.

The FBI is pursuing ownership of an additional 140,000 bitcoins owned by Silk Road founder Ross William Ulbricht, who remains in custody. Ulbricht is contesting this effort in court, trying to secure possession of the bitcoin wallet taken during the investigation.

To learn more about the upcoming bitcoin auction, read the full story by clicking here.

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