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US authorities ponder $31m Bitcoin haul [VIDEO]

 

Bitcoin, the digital currency that became one of last year’s biggest tech stories, was back in the headlines this week.

Authorities in the US are trying to figure out what to do with a Bitcoin haul worth almost AU $31 million.

The virtual cash was seized by the FBI when it took control of Silk Road, a hidden website trading drugs and weapons.

The tricky part for the federal government is deciding how to liquidate the Bitcoin millions, with concerns that selling them will legitimise the digital currency, which many see as a threat to anti-money laundering efforts.

Silk Road was shut down after a sting operation led to the arrest of Ross William Ulbricht, the man the Feds say was running the site.

Ulbricht is contesting the seizure of an additional 144,000 Bitcoins, worth AU $32 million at current prices, that were found on his personal laptop.

Castleford