During the last year, the U.S. Marshals Service, also known by the name of the USMS has managed to auction off a large part of the funds which had been seized following the completion of the Silk Road investigation.
If you are not yet aware of this, during the investigation, the USMS has managed to confiscate over 144,000 BTC from Ross Ulbricht, the mastermind behind the Silk Road marketplace, an online shop where people from all around the world traded drugs. When the funds were first seized, they were worth around 122 million. Other than these funds, the USMS also confiscated around 29,000 BTC from private Silk Road-related bitcoin addresses.
On November the 5th, the USMS will hold the final auction of these funds, which were sold for various occasions in the past as well. Based on a recent report released by the agency, it seems like the final auction will try to sell around 44,341 bitcoin, seized from Ross Ulbricht. At today’s price, considering the fact that bitcoin has just boomed once again is just about to surpass $500, the value of the funds is of around $22 million. According to the agency’s latest statement, it seems like the auction will be carried out during a six-hour period, when those who have officially registered will be able to go ahead and offer different sums for the blocks that will be sold. The auction will be starting at 8 a.m. and will end at 2 p.m., Eastern Time.
The registration period for the auction has ended a few days ago, on November 2. Valid applicants will soon be receiving the latest information from the agency, informing them about the process, and what their role during the auction will be.
The last auction of this kind was held several months ago, in March, when a total of 14 bidders have managed to purchase a little over 50,000 BTC. At that moment in time, some controversies were sparked after a secretive bitcoin company known by the name of Cumberland Mining purchased most of the bitcoin. We’re excited to see whether they will make an appearance in this auction as well.
Originally, the USMS Bitcoin Auction was meant only for U.S. citizens, but foreign investors interested in using the cryptocurrency were also reportedly able to join through third party firms and syndicates. It is thought that the increasing number of investors alongside with the event which will take place tomorrow, represent the main causes for the bitcoin value increase. We’ll only know for sure once the auction ends and we get to analyse the state of the bitcoin price.
Do you know anyone participating in the auction? Do you believe that the USMS Auction had any role in the recent bitcoin value increase? Let us know your thoughts in the comment section below.