USA To Hold Auction Of Seized Bitcoin

The six-hour online auction will be held on January 22 with the 3,813 bitcoins offered for sale
12 January 2018   1718

The U.S. government will hold an auction of about 3,813 bitcoins that were seized in federal criminal, civil and administrative cases, the U.S. Marshals Service said on Thursday.

According to the statement, the six-hour online auction will be held on January 22 with the 3,813 bitcoins offered for sale in 11 blocks - five of 500 bitcoins, five of 100 bitcoins and one block of around 813 bitcoins.

Participants will have to stump up a $200,000 deposit to take part, and bids will have to be made in cash in U.S. dollars.

The government held three auctions in 2014 and 2015 for bitcoins seized during the prosecution of the creator of Silk Road, an online black market where the virtual currency could be used to buy drugs and other goods.

Silk Road operated for more than two years, generating more than $214 million in sales of drugs and other illicit goods using bitcoins, before being shut down in October 2013.

Mt. Gox CEO to be Found Guilty of Falsifying Docs

Mark Karpeles has a suspended term of four years ahead to prove his reliability and to avoid a real imprisonment
15 March 2019   120

The Tokyo District Court convicted the former CEO of the Mt.Gox bitcoin exchange, Mark Karpeles, of falsifying documents and sentenced him to two years and six months in prison. Nevertheless, Karpeles has a suspended term of four years ahead to prove his reliability and to avoid a real imprisonment. Reported by The Block.

Note that the prosecutor's office demanded 10 years in prison, however, on charges of embezzlement and violation of corporate law, Karpeles was found not guilty.

Karpeles and his lawyers intend to assess the situation and develop a strategy for action on the charges.

Earlier, the Illinois court rejected the petition of the lawyers of the former head of Mt.Gox to suspend the proceedings against him in the United States. So, American investors Gregory Green and Anthony Motto demand that Carpeles be personally responsible for the loss of their investments.

Once the largest Bitcoin exchange Mt. Gox crashed in early 2014. This happened after the information appeared about its alleged hacking and theft of 800,000 BTC ($ 480 million at that time). In December last year, Carpeles, during his closing speech at a Tokyo court, called himself innocent of the events that caused the millions of client losses and the company's collapse.