Silk Road Bitcoins Will be Sold Through US Marshal Auction Not on Open Exchange

According to Forbes and verified by checking Justice.gov one of the largest bitcoin (BTC) wallets which is held by the Feds will be sold. Nearly 30.000 bitcoins were seized last October when the online drug exchange Silk Road was taken down. Speculation about what would happens to these coins has been a topic of debate since then.

A spokesperson for the US Attorney’s office told Forbes that the bitcoins will be auctioned off but did not give a date. It looks like the U.S Marshals will be auctioning off the bitcoins according to this document. If that is the case the auction will be announced and sold though the U.S Marshals website.

Before news about the Silk Road bitcoin sale hit the street bitcoins were trading around $840 dollars. Overnight there appeared to be a small panic sell as the price dropped to a low of $780 on fear that the Silk Road bitcoins would be sold on an open exchange. As news spreads that the coins will be sold by auction it will be interesting to see if the price recovers and how quickly this happens.

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