Australia | USD13m in bitcoins set for Sydney auction

About USD13 million in bitcoins will be auctioned in Sydney this month after Australian police confiscated the digital currency as proceeds of crime, an official said yesterday.
Ernst & Young was running the process, which is only the second such bitcoin auction in the world after the U.S. 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.
Bidders can register until June 7 for the 24,518 bitcoins on offer. The 48-hour sealed auction will take place from June 20.
Based on yesterdat’s bitcoin price of $533.80, the cryptocurrency is valued at almost $13.1 million.
Nikitins expects strong interest in the auction since the bitcoin price has become less volatile after the U.S. 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,” said Nikitins, adding that was expected to lead to greater interest.
Nikitins would not say who the bitcoins were confiscated from, but said registered bidders would be told. MDT/AP