Australia to sell $13m of seized bitcoinsMay 31, 2016 - 10:23 AMT PanARMENIAN.Net - About $13m in bitcoins will be auctioned in Sydney in June after Victorian police confiscated the digital currency as proceeds of crime, The Guardian reports. Ernst & Young is running the process, which is only the second such bitcoin auction in the world after the US Marshals Service sold 144,000 bitcoins over a two-year period that had been confiscated from Ross Ulbricht, who founded the online drug bazaar Silk Road, the accountancy firm’s transaction partner, Adam Nikitins, said. Based on Tuesday, May 31’s single bitcoin price of $533.80, the cache of cryptocurrency is valued at almost $13.1m. Nikitins expects strong interest in the auction since the bitcoin price has become less volatile after the US auctions. Ernst & Young has received expressions of interest from the United States, Europe and Australia, he said. “Over the last few months, the price of bitcoins has been steadily rising and the volatility has gone out of it,” Nikitins said. Nikitins would not say who the bitcoins were confiscated from, but said registered bidders would be told. The Victoria state government has confirmed that it seized about 24,500 bitcoins in late 2013 from a Melbourne drug dealer. Richard Pollard, 32, was sentenced in the Melbourne county court in October to 11 years in prison after pleading guilty to drug trafficking on the Silk Road website. The haul of bitcoins will be mostly sold in lots of about 2,000. Craig Wright: scepticism surrounds bitcoin inventor's identification Read more Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. The coins are created by users who “mine” them by lending computing power to verify other users’ transactions, receiving bitcoins in exchange. Bitcoins also can be bought and sold on exchanges with US dollars and other currencies. Their value has fluctuated over time. At its height in late 2013, a single bitcoin was valued above $1,100. Bidders can register until 7 June for the 24,518 bitcoins on offer. The 48-hour sealed auction will take place from 20 June. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |