U.S. government earns $48 millions from sale of “Silk Road” marketplace’s Bitcoins

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Silk Road

Last week the founder of “Silk Road” dark web marketplace Ross Ulbricht withdrew his claim to the Bitcoins which have been seized by U.S. authorities in 2013.

Meanwhile, the U.S. Department of Justice reported that it had sold Ulbricht’s 144,336 Bitcoins for about $48 million, or $334 each on average. If the U.S. government left those digital coins untouched, their total worth would be more than $600 million at today’s price of around $4,300.

The U.S. authorities held the first auction to sell seized Bitcoins in 2014. Over 30,000 digital coins were sold to a Silicon Valley investor Tim Draper. The last auction was held in November 2015.

Law enforcement authorities shut down Silk Road marketplace in 2013, and Ulbricht was found guilty in 2015. However, Ulbricht tried to dispute the seizure of his digital funds until last week.

In May 2015, Ross Ulbricht was sentenced to life imprisonment for drug trafficking, computer fraud and money laundering. The $48 million amount earned from the sale of Bitcoins will partially cover the total amount of $183 million of Ulbricht’s fine.

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