Australian police to auction $13m in confiscated bitcoins

Victorian police confiscated the bitcoins as proceeds of crime, although only registered bidders will find out who from

About $13m in bitcoins will be auctioned in Sydney in June after Victorian police confiscated the digital currency as proceeds of crime.

Ernst & Young is running the process, which is only the second such bitcoin auction in the world after the US 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.