US Marshalls are auctioning 50,000 bitcoins seized from Silk Road, the infamous online black market, which allowed consumers to illegal buy and sell drugs.
The six hour auction by authorities, approved by the convicted, Ross Ulbricht, the mastermind behind the operation, will sell 10 blocks of 3,000 bitcoins as well as 10 blocks of 2,000 to the public. This is in addition to 79,655 sold last year.
Peaking at just over $1147 per unit in 2013, the currency has since lost significant value currently sitting at around $237,55 at the time of publication. Much like the Forex Trade, the bitcoin market is monitored by investors and sceptics alike who are both keeping an eye on the potential evolution of online business that the currency could provide.
While Ulbricht may be facing a life sentence during his conviction on sentencing on May 15, it is rumoured that Silk Road will live on as well as the surplus of other sites that provide similar services.
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