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
Mobile Commerce
MasterCard CEO: MasterPass Starts Where Apple Pay Stops
News
Credit Unions, Retail Groups Finger-Pointing On Payment Security
Merchant Innovation
Q3 Results Highlight Groupon’s Growing Pains
International
Alibaba Protects Its 11/11 “Singles Day” Turf
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
Apple Pay Tracker
USA Today Compares MCX To The Three Stooges. Unfavorably
Apple Pay Tracker
Apple Pay Faceoff
International
Korean Tech Companies Shifting B2C Focus to B2B Market
Mobile Commerce
MasterCard CEO: MasterPass Starts Where Apple Pay Stops
View All Articles ››