31 Oct '14, 7pm

Australian Government May Soon Auction $9 Million in Silk Road Bitcoins

Australian Government May Soon Auction $9 Million in Silk Road Bitcoins

The bitcoin community could soon see another high-profile auction of bitcoins confiscated from users of the now-defunct online black market Silk Road. Australian law enforcement officials are now in possession of 24,500 bitcoins (worth $9.4m at press time ) following the conviction of their original owner, 32-year-old Warrandyte native Richard Pollard. Pollard was given an 11-year prison sentence today after pleading guilty to commercial drug trafficking, according to The Sydney Morning Herald . Judge Paul Lacava told Pollard at the sentencing: "The system of drug trafficking you engaged in meant you operated an effective one-stop shop where a variety of drugs could be purchased online." Following the decision, Pollard’s bitcoins are subject to a restraining order and a 28-day appeal period. Should the funds be forfeited to law enforcement officials as expected, the bitcoi...

Full article: http://www.coindesk.com/australian-government-soon-hold-9...

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