US Government to auction $18 million of the Silk Road’s Bitcoins

  • 14 June 2014
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By: Graham Cluley/ Posted on June 14, 2014
 
Summary/
Hotyou know what the Silk Road is then you’re either someone who has a predilection for purchasing drugs online and engaging in other criminal activity, or you’re someone who follows the latest computer security news with a keen interest.
Hopefully it’s the latter. But whichever camp you fall into, you might be fascinated to hear about the latest development.
Silk Road, of course, is the underground marketplace that the FBI busted in October last year. The site, hidden from casual visitors on the dark web accessible only via tools like Tor, allowed its members to buy and sell hard drugs, fireams and computer hacking tools.
When the FBI shut it down it was a huge coup for the authorities, as Silk Road is thought to have generated a staggering $1.2 billion in online sales during its three years of existence.
 
HotforSecurity/ full read here/ http://www.hotforsecurity.com/blog/us-government-to-auction-18-million-of-the-silk-roads-bitcoins-9253.html
 
 


 
 
 

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The following is a updated article on US Government to Auction Bitcoins
 
"Quote" - US Begins 'Unprecedented' Auction of Silk Road Bitcoins
 
By/
By AFP on June 27, 2014 WASHINGTON - The bitcoin world kicked into high gear Friday as the US government began auctioning some of the virtual currency seized in an FBI investigation of dark Web bazaar Silk Road.
The US Marshals Service auction was taking place until 2200 GMT for 29,000 bitcoins -- about $17 million at current rates, although bitcoin values have been highly volatile.
Bidders had to register last week with a deposit of $200,000 -- in cash only from a bank transfer. Winners are to be notified Monday.
US authorities have another wallet of over 144,000 bitcoins which is not currently up for sale, which makes Washington likely the largest holder of the controversial cryptocurrency.
 
Security Week/ Full Read Here/ http://www.securityweek.com/us-begins-unprecedented-auction-silk-road-bitcoins

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