The US Government has decided to start the process of selling the Bitcoins which was seized last year by FBI when they shut down the Silk Road online marketplace. 

US to auction Bitcoins worth $18m which was seized from SilkRoad

The US Marshals Service announced on their website that 29,656.51306529 bitcoins worth about $18m which was seized from the Silk Road servers are now up for an auction.

The bitcoins to be auctioned exclude the bitcoins contained in wallet files that were seized from Ross William Ulbricht, the alleged mastermind behind the Silk Road.

The Registration process for the auction will start today from 9:00 AM EDT on Monday, June 16, 2014 till Noon EDT on Monday, June 23, 2014.

The US Marshals Service added that it would “not sell to any person who is acting on behalf of or in concert with the Silk Road and/or Ross William Ulbricht.

The potential bidders would be required to verify their identity via a copy of a Government-issued photo ID for the bidder (or representative(s) for Bidder). In addition to the ID-Proof, the bidder will also have to deposit $200,000 USD sent by wire transfer originating from a bank located within the United States.

The Bidding process will begin from 27th june. the price of Bitcoin plunged after this news came in light, however it has since made up the lost ground.

However we do believe that the price of Bitcoin may fall again as the final day of bidding arrives nearer.