Upcoming Auction of $14 million Worth of Confiscated Bitcoins

Jun 09, 2016 at 17:16 // Business
Author
Nina Lyon

The world’s second largest confiscated Bitcoin auction will be held by the Australian arm of Ernst & Young on June 20th, 2016 in Sydney.

The world’s second largest confiscated Bitcoin auction will be held by the Australian arm of Ernst & Young on June 20th, 2016 in Sydney, Australia. Considering the latest rise of the Bitcoin price, the total value of the auctioned 24,518 bitcoins may reach about US$14 million.

The cryptocurrency was previously confiscated by the Victoria state police in late 2013 from a Melbourne drug dealer. Coins will be sold in lots of about 2,000 bitcoins. 

To date the largest series of Bitcoins auctions were held by the US Marshals Service. In total, Marshals sold about 144,000 bitcoins confiscated from the founder of Silk Road market Ross Ulbricht in 2013.

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