Feds Bitcoin Auction Sees Higher Demand

The U.S. Marshall Service held an auction Thursday, March 5 to sell off bitcoin seized from the latest raid of the underground website notorious for drug sales, the Silk Road. The auction received 34 bids from 14 registered bidders topping their last auction which attracted 27 bids from 11 registered bidders. Despite the increase in bids and bidders since the last auction, the numbers have not reached the highs of the first bitcoin auction held by the Marshall Service which pulled in 45 bidders and 63 bids.

50,000 bitcoin, valued at about $13.4 million, were sold off in the auction last week. Some notable bitcoin firms have confirmed their participation in the auction though the winning bids have not yet been confirmed. Barry Silbert’s company SecondMarket, which won a bid for 48,000 bitcoin in the December auction held by the Marshall Service, is expected to have participated in this past auction. Pantera Capital, an investiment fund founded by Dan Morehead, says they have also submitted a bid. Notably missing from this auction is the winner of bids at both the previous auctions, venture capitalist Tim Draper on behalf of Draper Associates.

“No further information will be released until the conclusion of the auction process, when financial transactions have been completed and bitcoins have been transferred to the winner(s)”

– U.S. Marshall Service.


Read More – U.S. Bitcoin Auction Spurs More Demand With 34 Bids (Reuters, Gertrude Chavez-Dreyfuss)

Third US Marshal Bitcoin Auction Sees Increase In Bidder Interest (CoinDesk, Pete Rizzo)

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Originally from Gaithersburg, Maryland, Millan is a senior at the George Washington University studying Biological Anthropology.


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