The third U.S. Marshals auction of the 50,000 BTC confiscated from Silk Market finished on Thursday.


The U.S. Marshals have reported that 14 bidders placed 34 bids yesterday during the online auction, which ran from 8 a.m. EST to 2 p.m. EST.

At the moment, the U.S. Marshals are reviewing the bids and are planning to notify the winning bidder by 5 pm EST today. The name of the winning bidder will be revealed to the public not earlier than on Monday after all transactions are completed and the bitcoins are wired to the winner.

SecondMarket Inc, a stock market platform run by Barry Silbert, reportedly participated in the auction and bid for every block. In December 2014, Second Market's Bitcoin Investment Trust bought the majority of bitcoins on auction. The venture capitalist Tim Draper, who won all of the 30,000 BTC up for sale in the first auction, said that he did not participate in the bidding process this time, according to Bloomberg.

50,000 BTC were being sold in 20 blocks of 2,000 BTC and 3,000 BTC. The funds are the third part of  the Silk Road heritage to be auctioned off. The government seized the digital funds contained in Ross Ulbricht's wallet, which he stored on his PC, in October 2013. Since then, two auctions have been held, in June and December of 2014, when 30,000 BTC and 50,000 BTC respectively were put up for sale. Ross Ulbricht was found guilty of selling drugs and money laundering under the pseudonym of Dread Pirate Roberts, the leader of the Silk Road website, on February 4th, 2015.

Lynzey Donahue from the U.S. Marshals Department of Justice confirmed that the authorities still have another 44,341 BTC to sell.

"We anticipate selling them in the coming months. No exact dates have been determined," Donahue told Bloomberg.