29 May '16, 4am

Ernst & Young $16 million Bitcoin auction - The Australian Financial Review

Ernst & Young $16 million Bitcoin auction - The Australian Financial Review

Mr Ulbricht was sentenced to life in prison for founding the anonymous online marketplace, Silk Road, famed for the buying and selling of drugs and other contraband substances. Mr Ulbricht has appealed against the decision. While Bitcoin transactions are all visible in a public ledger, called the blockchain, the cryptocurrency has a reputation as the payment method of drug dealers and dark online vendors. Mr Nikitins understands many of the bidders may be body corporates bidding on behalf of other parties. "If it's body corporates that are bidding, and we expect many will be, the details of those individuals controlling those body corporates will be known to us," he said. "It is crucial we are comfortable with the counter parties with whom we are transacting."

Full article: http://www.afr.com/technology/ernst--young-16-million-bit...

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