US authorities are selling $15 million in Bitcoin seized from Silk Road

A pile of Bitcoins. George Frey/Getty Images

When the FBI shut down online drug marketplace Silk Road in 2013, they seized more 144,000 Bitcoins.

The US Marshall service are now selling off the last tranche of those Bitcoins after Silk Road operator Ross Ulbricht was sentenced to life in prison in May. The 44,341 bitcoins remaining are worth over $US10.7 million ($AU15.1M) at current prices.

But the auction isn’t for everyone. Bidders have to have an ID issued by the US government, and the wire transfer must take place from inside the United States. Also, the Bitcoins have been split up into lots of 2000, which are currently around $481,000 each. And there is a $100,000 deposit.

The auction will take place during a six-hour period Nov. 5 from 8am to 2pm US EST. Bids will be accepted by email from pre-registered bidders only. The bitcoins are being offered in 22 blocks: 21 blocks of 2,000 bitcoins and 1 block of just over 2,341 bitcoins. The winning bidder(s) will be notified Nov. 6.

If you fulfill all those criteria you can find more information at the US Marshall’s website.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at