Friday, October 31, 2014

Australian authorities sitting on $9.6 million worth of bitcoins confiscated from Silk Road drug dealer

Authorities may soon reap millions of dollars by selling more than 24,500 bitcoins confiscated from a Melbourne drug dealer.
This was the first time the state of Victoria had seized electronic currency from criminals.
The currency's volatility has seen the value of the seized asset jump from $700,000 at the time of the man's arrest to nearly $32 million shortly after it was confiscated. Today the bitcoins were worth about $9.6 million.
The assets are subject to a restraining order and would soon be forfeited to the Department of Justice and sold at auction, but not before the appeal period ends in 28 days. Proceeds would go to the state's consolidated funds.
Richard Pollard, 32, of Warrandyte, was sentenced in the County Court in Melbourne on Friday to 11 years' jail after pleading guilty to commercial trafficking.


  1. Throw the worthless politicians into jail for criminalising matters which really are medical issues only, and release Richard Pollard. Why do the criminal politicians do this ? They want as many of the citizens in jail as possible, without showing their hand, but compel the rest to vote for them, or else pay a $20 fine, which I don't.

  2. So now I believe that Bitcoin will be the future currency.. and the existing currency will not be having the same value as now. No offense its my point of view.

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