The U.S. Marshals Service will
auction roughly $18 million in bitcoins seized last fall from Silk Road, a
website that was effectively the eBay of illegal drugs, Time
reported. The marshals said they will auction the virtual "coins,"
consisting of sets of numbers entered in an online public ledger, via the
Internet on June 27. Authorities say Silk Road generated more than $1 billion
in illicit business from January 2011 to October 2013. Alleged operator Ross
William Ulbricht was arrested in a public library in San Francisco. Ulbricht
has pleaded not guilty. The website took commissions in bitcoins, which are hard
to track. The marshals are auctioning off 29,657 bitcoins in 10 blocks, which
means buyers will need to pony up nearly $1.8 million each.