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US Marshals is auctioning 50,000 Bitcoins Seized from Ross Ulbricht

The U.S. Marshals Service will auction off another 50,000 bitcoins that were seized from a computer belonging to Ross Ulbricht, the alleged owner of the online black-market bazaar, Silk Road.

The auction scheduled to be held on December 4th, and will only be open to pre-registered bidders. According to Coindesk, the agency will begin accepting bids starting today, and ending on December 1st.

Over two rounds, the Marshals Service will auction off 10 blocks of 2,000 BTC in the first round followed by 10 blocks of 3,000 BTC in the second. Participants will also need to make initial deposits of $100,000 and $150,000 for the two rounds. The winner will be notified on December 5th, and payment is due by the 8th.

With bitcoins worth around $400 currently, the value of coins are at roughly $20 million, Coindesk calculates.

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