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Election 2024

US Government to Sell 44,000 BTC in Final Silk Road Auction

By Pete Rizzo
AccessTimeIconOct 5, 2015 at 3:38 p.m. UTC
Updated Aug 18, 2021 at 4:14 p.m. UTC
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The US Marshals Service (USMS) has announced it will sell 44,341 BTC (worth approximately $10.6m at press time) in an online auction due to take place on 5th November.

To be held from 12:00 UTC to 18:00 UTC, the six-hour auction, open only to pre-registered bidders, represents the final sale of bitcoins in connection with civil forfeiture actions taken against convicted Silk Road mastermind Ross Ulbricht.

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    • The bitcoins will be sold in 21 blocks of 2,000 bitcoins, with the remaining 2,341 BTC to be sold in a separate block. Winners, the agency said, will be notified on 6th November.

    The agency continued:

    "The registration period starts 19th October and runs until noon 2nd November, at which time potential bidders must have completed all registration requirements. Registration documents that were submitted for the Marshals’ previous bitcoin auctions are not valid for this auction; interested bidders must submit new registration documents to be considered for this auction."

    The announcement comes one month after the USMS revealed to CoinDesk that it was likely to set a date for its final auction of the assets before the year's end.

    In total, the USMS seized more than 144,000 BTC (then worth $122m) from Ulbricht in late 2013. The majority of the holdings – 100,000 BTC – have since been liquidated by the agency in two public auctions.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.