FBI Second round auction of 50,000 btc! Who is gonna win this?

[cuddaloreappu]

The U.S. Marshal’s Service on Monday announced a second series of auctions to sell off thousands of bitcoins related to the seizure of the online criminal bazaar known as the Silk Road. The first auction, which took place in June, sold off bitcoins belonging to Silk Road, while the new auction will sell those belonging to the site’s mastermind, Ross Ulbricht, better known as “Dread Pirate Roberts.”

In the second phase of the auction, scheduled to take place over six hours on December 4, the Marshals will sell off 20 blocks of bitcoins, in chunks of 2,000 or 3,000 at a time. To participate in the auction, bidders must pre-register and supply documentation by December 1.

This time around, the U.S. government is likely to fetch less money for each bitcoin than it did in the first round in June, when it sold 29,655 bitcoins for around $18 million to venture capitalist Tim Draper. At that time, each unit of the virtual currency fetched around $600, but more recently the price has hovered closer to $380

https://gigaom.com/2014/11/17/feds-to-auction-50000-bitcoins-from-dread-pirate-roberts/?utm_source=dlvr.it&utm_medium=twitter

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[lyth0s]

How are they able to auction off his coins when he hasn't been convicted of anything yet?

[cuddaloreappu]

How are they able to auction off his coins when he hasn't been convicted of anything yet?

In the same way they did it previously with 30k btc..arrogant guys

[inBitweTrust]

How are they able to auction off his coins when he hasn't been convicted of anything yet?

In America inanimate objects are guilty until proven innocent and cannot defend themselves so they are stolen. You don't even need to be charged with a crime either because the bitcoins and cash can be charged with crimes directly.

You have the option of spending a lot of time and money after you win your innocence to try and reclaim the assets after the fact, many people don't bother though because its an uphill battle that you may not win anyways.  

https://www.youtube.com/watch?v=3kEpZWGgJks

[TinaK]

FBI is the biggest whale actually!

[bocobit]

I must have missed this, but how did the FBI get to Ross's bitcoins?  Did he voluntarily give them up?

[Beliathon]

How are they able to auction off his coins when he hasn't been convicted of anything yet?

America is a rotting, thoroughly corrupt military empire with a pay 2 play "justice" system. If you have any questions, don't ask them because you might get shot.

[var53]

I must have missed this, but how did the FBI get to Ross's bitcoins?  Did he voluntarily give them up?

I think so, I heard they did a deal with him that they could sell the bitcoins, but if he wins the trial he gets the money from the sale.

[inBitweTrust]

I must have missed this, but how did the FBI get to Ross's bitcoins?  Did he voluntarily give them up?

They were only able to steal 26,000 bitcoins from the silk road merchants and clients and than find and uncover one of his wallets holding 144,000 Bitcoins.
This was done with a multiple year investigation from the FBI and most likely other departments like the NSA to track down him , the server, and his passwords.

These funds were taken under a form of theft called "asset forfeiture" and than they used Parallel construction to lie to the court to cover up their illegal methods of finding and stealing these assets.

I think so, I heard they did a deal with him that they could sell the bitcoins, but if he wins the trial he gets the money from the sale.

Unfortunately, that is not how it works. If you win the trial you have the opportunity to try and prove the bitcoins were yours and legally obtained through an expensive and long court battle. Under asset forfeiture you are guilty until proven innocent and the state literally sues the inanimate objects themselves(I know it sounds like a joke but sadly isn't) This is the reason you must try and secure your bitcoins better with multisig paper wallets. Whether it is a hacker or a bunch of psychopaths in uniform your funds can be stolen with enough effort and a 0 day exploit placed on your computer..

[Dabs]

I must have missed this, but how did the FBI get to Ross's bitcoins?  Did he voluntarily give them up?

The FBI has a lot of $5 wrenches.

[cuddaloreappu]

I must have missed this, but how did the FBI get to Ross's bitcoins?  Did he voluntarily give them up?

The FBI has a lot of $5 wrenches.

That would be torture right!... how come torture is permitted

[deluxeCITY]

How are they able to auction off his coins when he hasn't been convicted of anything yet?

Ross has consented to the sale of of the ~144k of bitcoin under the stipulation that the proceeds from the sale would remain under dispute. It was reported that he agreed to have his bitcoin sold shortly after the FBI was able to take the bitcoin from his laptop, which was a year ago, however they have been working out the details ever since. They apparently have finally reached an agreement only recently

[Beliathon]

That would be torture right!... how come torture is permitted

"uhhh... national security.. protect the children.. 9/11... uhh.. there was no torture.. THIS INTERVIEW IS OVER."

[seriouscoin]

How are they able to auction off his coins when he hasn't been convicted of anything yet?

In America inanimate objects are guilty until proven innocent and cannot defend themselves so they are stolen. You don't even need to be charged with a crime either because the bitcoins and cash can be charged with crimes directly.

You have the option of spending a lot of time and money after you win your innocence to try and reclaim the assets after the fact, many people don't bother though because its an uphill battle that you may not win anyways.  

https://www.youtube.com/watch?v=3kEpZWGgJks

Shocking.....When will American ppl wake up?

[cbeast]

I must have missed this, but how did the FBI get to Ross's bitcoins?  Did he voluntarily give them up?

The FBI has a lot of $5 wrenches.

Someone needs to update this with decoy addresses, nLockTime, and multisig. It's just lowbrow levity.

[Beliathon]

How are they able to auction off his coins when he hasn't been convicted of anything yet?

In America inanimate objects are guilty until proven innocent and cannot defend themselves so they are stolen. You don't even need to be charged with a crime either because the bitcoins and cash can be charged with crimes directly.

You have the option of spending a lot of time and money after you win your innocence to try and reclaim the assets after the fact, many people don't bother though because its an uphill battle that you may not win anyways.  

https://www.youtube.com/watch?v=3kEpZWGgJks

Shocking.....When will American ppl wake up?

When they can't afford gas or they can't watch their football game.

[smoothie]

FBI THE FED is the biggest whale actually!

FTFY 

[Bitcoinpro]

whats the addresses again of these coins or the last auction

[RobertDJ]

I must have missed this, but how did the FBI get to Ross's bitcoins?  Did he voluntarily give them up?

The FBI has a lot of $5 wrenches.

Ross seemed to have had to learn about security from other people (meaning he had little/no prior knowledge about security) and was able to stay somewhat under the radar as a person holding massive amounts of bitcoin (for example he held 140k+ bitcoin on a computer that was not "cold") so he possibly employed a weak password and/or there was some vulnerability in his computer that would make any advisory somewhat easily be able to "figure out" what the password is

[sickpig]

I must have missed this, but how did the FBI get to Ross's bitcoins?  Did he voluntarily give them up?

I think so, I heard they did a deal with him that they could sell the bitcoins, but if he wins the trial he gets the money from the sale.

From the order: http://www.usmarshals.gov/assets/2014/dpr-bitcoins/order.pdf

Code:

WHEREAS, the Government and Ulbricht agree that, due to the volatile market for bitcoins, the Computer Hardware Bitcoins risk 
losing value during the pendency of the forfeiture proceedings;

WHEREAS, the Government and Ulbricht agree that the Computer Hardware Bitcoins are to be liquidated or sold by the Government 
before the conclusion of the forfeiture proceedings, with the net proceeds of the sale to be held as substitute res pending further order of this Court;