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US government selling nearly $18 million in bitcoin seized from Silk Road

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Looking to buy some Bitcoin? The US government has plenty to sell. It's put up for auction the more than 29,000 bitcoins that it seized from the underground drug sales site Silk Road earlier this year, all of which are currently valued at close to $18 million. The auction will occur and close later this month, and bidders won't be required to purchase the entire, expensive chunk. Instead, it'll be broken up into 10 chunks, most of which are worth about $1.8 million, and interested parties can bid on as many chunks as they want.

Notably, these bitcoins do not include those taken from Silk Road's alleged leader, Ross Ulbricht, who was arrested late last year and charged with narcotics trafficking conspiracy, computer hacking conspiracy, and money laundering conspiracy. Ulbricht's trial is scheduled to begin in November, and he's being held without bail until then. In February, he pleaded not guilty on all counts. The US Marshals Service, which is overseeing the forfeiture of Silk Road's illegally acquired bitcoins, also notes that it will not sell to Ulbricht or anyone working with him or Silk Road.