Auction set for Silk Road founder's massive bitcoin collection

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Tuesday, November 18, 2014
The Silk Road website.
The Silk Road website.

SAN FRANCISCO (KGO) -- The United States Marshals service Monday said it plans to auction off a huge haul of the online currency next month.

The bitcoins were confiscated from Ross Ulbricht, the San Francisco man accused of running Silk Road, an illegal online drug marketplace.

Silk Road was shut down by the FBI last year, and in Ulbricht's computer files they found 50,000 bitcoins, valued at roughly $20 million.

To join the bidding, people will have to put down a deposit of at least $100,000.

The auction is scheduled for December 4.