Published time: June 13, 2014 09:00
The US government is set to auction off $18 million worth of bitcoins seized from an online drugs market known as Silk Road. The Department of Justice is looking to make a considerable windfall from the sale with bitcoin increasing in value recently.
The now-defunct cyber-black market was closed down in October of last year, with authorities confiscating 30,000 bitcoin. The FBI also arrested the alleged kingpin of the online drugs bazaar, Ross Ulbricht, seizing roughly 144,000 bitcoin in the process.
Ulbricht, also known by his alias Dread Pirate Roberts, now faces charges of computer hacking, money-laundering and conspiracy to traffic narcotics. He denies all of the charges set against him, but insists the bitcoin are his and has demanded their return.
Nine months on the US Marshals…
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