Last Silk Road Bitcoin Auction Expected To Be Held Before The Year Ends

ANNOUNCEMENT: Since the Silk Road 2.0 bust by the feds a few other Darknet Markets have fallen. Silk Road 3 is up and running with a big selection of goods.

>> Click here to find the Silk Road 3 Guide <<

The US Marshals Service (USMS) has revealed it’s likely to auction off the remaining bitcoins that were confiscated from convicted Silkroad mastermind Ross Ulbricht sometime in 2015. This will be the USMS’s fourth bitcoin auction since a large stash of bitcoin was confiscated from Silkroad creator’s computer and the Silkroad servers in October 2013. A total of 44,336 BTC will be offered to prospective investors during the event. Unfortunately for some, the auction is only open to United States citizens, so foreign investors will not be able to make a move on the auction unless they have somebody working for them in the U.S. The USMS hasn’t yet set the specific dates of the auction, but the U.S. department is sure to hold it before the end of 2015.

Bitcoin Auction Participants
The crackdown on the Silkroad was achieved as part of a joint operation between the U.S. Secret Service and the U.S. Federal Bureau of Investigation. U.S. Marshals Service has been in charge of the seized goods from Silkroad (mostly bitcoins) since then. In total, approximately 174,000 BTC were confiscated which included 144,000 bitcoins from Ross Ulbricht along with 29,655 bitcoins held in wallets on the Silkroad at the time of its shutdown.

The U.S government and Ross Ulbricht agreed to the sale of the bitcoins on January 27, 2015, during the Silkroad trial in New York City. On May 29 2015, Ross Ulbricht was sentenced to 2 life sentences plus other terms of five years, fifteen years and twenty years to be served concurrently and with no chance for parole, for his role in the Silkroad black market which only accepted payment in bitcoin. Ross was also ordered to pay $183,961,921 in civil asset forfeiture.

Most of these bitcoins were sold through a series of auctions held by the U.S. Marshals Service and the remaining 44,336 BTC will be cleared in the upcoming auction. During the first auction of the bitcoins seized from Silkroad attracted 45 bidders who made 63 bids, and the second auction only drew 11 bidders who made 27 bids. The third auction was held in March 2015, where 50,000 BTC were sold to bidders. 94% of the bitcoins from the third auction were bought by a secretive bitcoin company known as Cumberland Mining.

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SecondMarket Is A Participant In The 3rd Bitcoin Auction

ANNOUNCEMENT: Well it has happened! Another Silk Road Darknet Market has spawned after the demise of Silk Road 2.0. The new site is called Silk Road Reloaded and is utilizing different technology than its predecessors therefore a new guide for Silkroad Reloaded will be coming soon. In the meantime Agora Marketplace is still alive and kicking bigger than ever with more listings than Silkroad 2.0.

>> Click here to find the best alternative: Agora Marketplace <<

Bitcoin NewsThe U.S. Marshals Service which was given the role of disposing off the virtual currency (Bitcoins) that were seized by the FBI after the black marketplace Silk Road was closed down in 2013 held their third auction on March 5. The bitcoins which were seized during the Silk Road investigation had a higher demand during their third auction as compared to the second auction which took place last December.

SecondMarket Inc. is one of the firms that have expressed interest to participate in this auction. There were 14 participants who participated in the bitcoin auction. Barry Silbert and SecondMarket Inc., Pantera Capital, and Kardashev Capital are some of the participants in the auction.

There were 10 blocks of 3000 and 2000 bitcoins that were available for bid. SecondMarket failed to win blocks in the bid, the managing director at SecondMarket said that they bid for every block but they were not successful at all. In the auction carried out last year, SecondMarket won and was anticipating doing the same in this third auction.

BitcoinAlthough bitcoin prices have declined by almost 28% since the last auction, the interest in this currency remains healthy. However, it is anticipated that their prices will increase once the auctions are over.

A total of 173,991 bitcoins were seized during the Silk Road investigation. The U.S.Marshals have successfully sold a total of 130,000 through three different auctions. This means that there are over 44,000 bitcoins that are yet to be sold. The remaining bitcoins will also be sold via auctioning in the near future, however the actual dates have not been released.

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