Australia to Auction Confiscated Bitcoins in Sydney

Australia to Auction Confiscated Bitcoins in Sydney

According to an official, in June, approximately $13 million worth digital currency, bitcoins will be auctioned in Sydney as proceeds of crime, which the Australian police confiscated.

The auction will be the second of its kind in the world only after the sale of 144,000 bitcoins by the U.S. Marshals Service through a period of two years. The bitcoins which were auctioned were confiscated from Ross Ulbricht, the founder of the Silk Road, theonline drug marketplace. In Australia, the process is being handled by Ernst & Young said Adam Nikitins , the accountancy firm's transaction partner.

The $13.1 million value of the bitcoins on auction is based on the value of the cryptocurrency's price on Tuesday of nearly $533.80.

The bidders for the bitcoins have time till June 7 to register themselves. The forty eight hour sealed auction for the 24,518 bitcoins will take place starting from June 20.

Nikitins said that Ernst & Young has received interests in the bitcoins from the U.S, Europe and Australia. Nikitins said, "Over the last few months, the price of bitcoins has been steadily rising and the volatility has gone out of it" and added that it was expected to generate greater interest. However, where were the bitcoins confiscated from was not confirmed.