30 May '16, 6am

Ernst & Young to Sell $12 Million in Bitcoin at Auction

Ernst & Young to Sell $12 Million in Bitcoin at Auction

Global professional services firm Ernst & Young has announced it will auction off 24,518 BTC (worth $12.9m) originally confiscated by a user of defunct online dark market Silk Road. The sale will represent the end of a process that began in late 2014 , when law enforcement officials confiscated the bitcoins from Warrandyte native Richard Pollard, who was later sentenced to 11 years in prison for commercial drug trafficking. Ernst & Young said in a statement today that the auction will be held over a 48-hour period beginning at 12.01am AEST on 20th June 2016. As previous auctions held by the US Marshals Service in the US, bitcoins for sale will be divided into blocks of 2,000 BTC (worth just over $1m), with a total of 11 blocks set for sale. In statements, EY Transactions partner Adam Nikitins said he believes that the auction is likely to attract buyers from North America ...

Full article: http://www.coindesk.com/ernst-young-sell-12-million-bitco...

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