30 May '16, 6am

Bitcoin hits 21-month high; Australia to auction $11.5M confiscated bitcoins

Bitcoin hits 21-month high; Australia to auction $11.5M confiscated bitcoins

U.S. Marshals auctioned off more than 170,000 bitcoins in 2014 and 2015, confiscated after the closure of Silk Road, a black market website. Bitcoin has proved popular among users of underground market places and criminals because transactions are anonymous and need not involve any formal institution. Ernst and Young said the bitcoin was "confiscated as proceeds of crime" but declined to identify its client. Local news reports have previously said that the bitcoin was confiscated from an Australian man convicted of commercial drug trafficking in 2014. A spokesperson for the department of justice in Victoria state declined to comment, citing commercial considerations.

Full article: http://www.cnbc.com/2016/05/30/australia-to-auction-115-m...

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