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Author Topic: [2015-11-10] NEW YORK EXCHANGE ITBIT WINS 10,000 BTC IN SILK ROAD AUCTION  (Read 270 times)
Sturgeon
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November 10, 2015, 07:01:37 AM
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New York exchange itBit has revealed it successful bit for and won five auction blocks during last week’s bitcoin auction conducted by the United States Marshals Service (USMS).

The U.S. government held its final auction of seized bitcoins from Darknet drug market Silk Road on Thursday, last week in an event that saw the sale of 44,341 BTC. With a total of 21 blocks, 20 auction blocks contained 2,000 BTC with one additional block of 2,341 BTC.

At the time of announcing the auction, a notice from the USMS read:

These bitcoins were held in wallet files that resided on certain computer hardware belonging to Ross William Ulbricht, that were seized on or about October 24, 2013.
One successful bidder is revealed to be New York-based bitcoin exchange itBit after it revealed the successful winnings of five blocks, or 10,000 BTC in the auction.

According to Reuters, Bobby Cho, director of trading at itBit confirmed the bid by the exchange was made “on behalf of a syndicate of the exchange’s and over-the-counter trading clients.”

itBit also participated in the third Bitcoin auction held in March this year, successfully bidding for 3,000 of the 50,000 bitcoins auctioned at the time. Following the winning bid, itBit applied for Bitcoin’s first ever banking license the following month in New York. A month later in May, the bitcoin exchange was granted its license from the New York State Department of Financial Services.

https://www.cryptocoinsnews.com/new-york-exchange-itbit-wins-10000-btc-in-silk-road-auction/


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November 10, 2015, 12:37:03 PM
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It would have been nice if the price had been disclosed as well.
People are curious about whether the coins were sold at above market or below market rates.

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November 10, 2015, 04:48:05 PM
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It would have been nice if the price had been disclosed as well.
People are curious about whether the coins were sold at above market or below market rates.

Why the fuck would they do that?

Dont make stupid wish like that if you know its not gonna be true. Aka it would have been nice if you found 1000 btc on a broken phone.
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November 10, 2015, 06:28:35 PM
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I was reading about the other auctions and it seems like you can get an idea of the price paid when the losers hinted at what their bids were. I don't know if they'll do it this time though.

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November 10, 2015, 08:26:49 PM
 #5

It would have been nice if the price had been disclosed as well.
People are curious about whether the coins were sold at above market or below market rates.

Probably the coins were sold at a price which is slightly above the current exchange rate. This was the case with all their previous auctions, and I believe that this time also it was no different. Also, watch ITBIT closely. If they are dumping a part of their coins at the current market prices, then we can assume that they got the coins below the market rate.

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