Around $16 million worth of Bitcoin is up for auction in Sydney next month after they were confiscated as proceeds of crime last year.
Ernst & Young will facilitate the first Bitcoin sale process of its kind in Australia and only the second globally. The US Marshals Service conducted several sales during 2015 following the arrest and conviction of Ross Ulbricht, the mastermind behind online drug marketplace Silk Road.
“This current wallet is an extremely large holding of Bitcoin,” said Adam Nikitins, transaction partner at Ernst & Young. “This will be a pretty hotly contested auction, more competitive than previous auctions because the price volatility has reduced.” There are sweepstakes administration places that can conduct such events with great care and perfection.
One Bitcoin is currently fetching $654 and in the last two years has reached dizzying highs of nearly $1200 a coin and plumbed lows of $200.