Speaking of mainstream businesses getting themselves involved with Bitcoin and other digital currencies, the reputed global professional services company, Ernst and Young has announced that it will be helping the Australian law enforcement authorities to auction about 24500 bitcoins. These bitcoins were confiscated from one Richard Pollard, convicted of commercial drug trafficking on the now defunct online deep web marketplace, Silk Road.
According to reports, the bitcoins were confiscated way back in the year 2014 from the Melbourne-based Richard, who is now serving an 11-year prison sentence. After deliberations, the Australian law enforcement authorities have decided to follow their US counterparts and liquidate their bitcoin holdings by auctioning it.
The timing of this announcement seems to be influenced by the recent surge in the bitcoin prices, which skyrocketed from around $450 to cross $530 mark in the last couple of days. The bitcoin auction is slated to be held on 20th of June, 2016, at 00:01 hours (AEST). The auction will accept bids from the participants for two days.
Those interested in participating in the auction are required to submit their application to Ernst and Young on or before June 7, 2016, as the company intends to complete all the formalities by June 10. The total value of bitcoins to be auctioned, at the current market price is around $1.3million.
According to Ernst and Young, the services company is expecting digital currency exchanges, digital asset investment managers, hedge funds and investment banks from North America and Europe to participate in the auction to buy the bulk of bitcoin. The total bitcoin holdings to be auctioned will be divided into 11 chunks containing 2000 bitcoin each and the 12th one with rest. Participants of the auction will be bidding on these lots.
Who will manage to grab the most bitcoins in the auction, we will get to know soon.
Ref: Business Insider