US attorneys prosecuting a multi-million-dollar opioid drug ring are moving quickly to sell seized bitcoin that has exploded in value to about $US8.5 million ($11 million) since the alleged ringleader's arrest a year ago.
Key points:
Bitcoin is a digital currency known as a cryptocurrency
The seized cache was worth less than $US500,000 a year ago
The proceeds of the bitcoin sale will be held until the case is resolved
In court documents pressing for a quick sale, the US Attorney's Office for Utah referenced the digital currency's volatility.
The bitcoin cache was worth less than $US500,000 ($650,700) when Aaron Shamo was arrested on drug charges, but the value of the digital currency has skyrocketed since then.
Bitcoin was created as a digital alternative to the traditional banking system, and is prone to swings in value based on what people believe it is worth.
Bitcoin explained
Can't tell a bitcoin from a blockchain? Read our explainer to see how the cryptocurrency works.
For federal prosecutors in Utah, sales of seized assets like cars are routine, but bitcoin is new territory, spokeswoman Melodie Rydalch said.
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