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.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

Topics:
Comments
Also by This Author
What's Hot
Alternative Financial Services
Event Management Firm Gets WEX Credit Solution
B2B Payments
Electronic Payments Association Makes Moves To Improve ACH Network
B2B Payments
Micronesia Sets Procurement And Supply Deadline
News
Almost One In Four Shoppers Say E-Payments More Secure Than Cards, Cash
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Alternative Financial Services
Event Management Firm Gets WEX Credit Solution
B2B Payments
Electronic Payments Association Makes Moves To Improve ACH Network
B2B Payments
Micronesia Sets Procurement And Supply Deadline
News
China B2B Passes 4.5B Yuan
View All Articles ››