Australia to sell $13M bitcoins confiscated as proceeds of crime
CANBERRA, Australia — An official says about $13 million in bitcoins will be auctioned in Sydney in June after Australian police confiscated the digital currency as proceeds of crime.
Ernst & Young transaction partner Adam Nikitins said Tuesday that the accountancy firm is running the process, which is only the second such bitcoin auction in the world after the U.S. Marshals Service sold 144,000 bitcoins over two years ending in 2015 that had been confiscated from Ross Ulbricht, who founded the online drug bazaar Silk Road.
Bidders can register from Wednesday until June 7 for the 24,518 bitcoins on offer. The 48-hour sealed auction will take place from June 20.
Based on Tuesday’s bitcoin price of $533.80, the cryptocurrency is valued at almost $13.1 million.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.