Feds to Auction $17.4 Million in Bitcoins Seized from Silk Road

CNN – Bitcoin, the digital currency and some $17.4 million of it, according to the currency converter Preev.com, was seized from Silk Road, an online black market that authorities say had nearly 1 million users.

Silk Road operated in the largely anonymous dark corners of the Internet and specialized in contraband of all varieties, including drugs and illegal weapons.

The FBI shuttered the site in October and seized the nearly 30,000 bitcoins that will soon be auctioned.

If you don’t really understand Bitcoin or how it works the short video below explains everything in less than 2 minutes.

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