US will auction £11m worth of seized Silk Road bitcoins

If you've got $200,000 lying around, you could participate in one of the biggest bitcoin sell-offs in history

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The FBI seizure page on Silk Road from last October

Anybody have a spare $200,000 lying around? The US government is auctioning off £11 million worth of Bitcoin seized during last October's shutdown of Silk Road, and it's hoping that investors will be keen to buy. 

The bitcoins were taken by the US Marshals Service during the arrest of alleged Silk Road creator Ross Ulbricht (otherwise known as Dread Pirate Roberts). Ulbricht is currently awaiting trial in America under charges of narcotics trafficking, computer hacking and money laundering.

US marshals have a few key requirements for buyers: namely, that you aren't actually part of the darknet marketplace yourself: "The USMS will not sell to any person who is acting on behalf of or in concert with the Silk Road and/or Ross William Ulbricht, and bidders will be required to so certify."

The government will only sell the bitcoins in two ways - in nine blocks of 3,000 or one smaller block of 2,656. The highest bidder will receive the bitcoin. If there are multiple bids at the same price, the bitcoin will go to whoever bid first. Potential buyers must deposit $200,000 and prove themselves to be a "eligible" candidate in order to win.

The auction opens on June 27 and will end on June 30. Guess the FBI aren't averse to making profit off the crypto-criminal activity that they purport to be trying to prevent.

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