$13 million in confiscated bitcoin to be auctioned by Australian police – CNET
If you want to get in on the Bitcoin action (and have the bank to back you up), now’s a good opportunity. The Australian police will be auctioning 24,518 bitcoins seized as the proceeds of a crime.
The exchange rate at the time of writing sees one bitcoin equal $534.18 — so that’s over $13 million worth of the digital cryptocurrency.
It will be second time that such an auction has taken place, following the auction of over 144,000 bitcoins by the US Marshals Service last year.
According to The Guardian, the Victorian state government confirmed that the bitcoins were seized in 2013 from a Melbourne drug dealer. This is potentially Richard Pollard, a Silk Road drug dealer who was arrested in 2013, resulting in the confiscation of around 24,500 bitcoins.
The bitcoins will most likely be sold in lots of around 2,000. Ernst & Young will be conducting the auction, and will be taking registrations from serious applicants (requiring a hefty deposit) from June 7. The 48-hour closed auction itself will take place from June 20.
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