The US Marshals Service (USMS) is to auction off 50,000 bitcoins seized from accused Silk Road operator Ross Ulbricht.
In July, USMS auctioned off 29,656 BTC confiscated from Silk Road’s servers. Venture capitalist Tim Draper was the winner in a high profile process that saw bids from several notable Bitcoin investors.
Despite the larger quantity of bitcoins in this round, their total fair market dollar value is slightly lower ($18,600,000) than that of the July auction ($18,800,000), based on today’s reduced bitcoin prices ($372).
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The auction will take place in two rounds, with 10 blocks of 2000 BTC in the first and 10 blocks of 3000 BTC in the second. The auction will take place on December 4, 8 am to 2 pm EST, and the winning bidder will be notified the day after. Similar rules regarding registration, deadlines and deposits from the first auction apply here as well.
USMS notes that “the United States and Ulbricht agreed to the sale of these bitcoins, which was approved by a court order” in January.
Ulbricht reportedly possesses 144,000 bitcoins. A USMS spokesperson told Coindesk that their sale is being broken up according to an undisclosed schedule so as not to interfere with the markets.