$1.6Mln Bitcoin Auctioned Off in US: Will Bitcoin Price Increase?

$1.6 million in confiscated Bitcoin will be auctioned off in a single day by the US Marshals Service (USMS).
Auction announcement
Totalling around 2719 BTC in one block, the Bitcoin comes from various sources connected to both criminal and civil cases. The auction will be online on August 22, 2016 from 8AM EDT to 2PM EDT according to the USMS in a statement.
With a large portion of the prize forfeited coming from the Silk Road investigation, the USMS stated that only 2.8 BTC actually came from the United States v. Ross Ulbricht case while another 1294 BTC was from Matthew Gillum, one of Silk Road’s dealers. Another 65 BTC was from the Carl Force case, in which he was sentenced for stealing Bitcoins during the investigation of Silk Road.
Other sources include the IRS, US Department of Justice, Bureau of Alcohol, Tobacco, Firearms and Explosives, Homeland Security and Department of Treasury. The USMS also said that 664 BTC was from the Sean Roberson case. Prosecutors said he created an online store to sell counterfeit credit and debit cards. These might be the last Bitcoins for the Ross Ulbricht case for running Silk Road, the infamous Bitcoin-accepted online black market.

This post was published at Coin Telegraph on 2016-08-11.