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Single Bidder Takes All in U.S. Marshals Auction

By Inside Bitcoins Jul 1, 2014 5:15 PM EDT

Mt. Gox

NEW YORK (InsideBitcoins) — The winning bidder of the Silk Road Bitcoin auction has finally been revealed. Flamboyant venture capitalist Tim Draper captured the entire sum of just under 30,000 Bitcoins, according to a statement emailed to Reuters. You may remember Draper as the man who suggested splitting California into six separate states. The cache of crypto currency is valued at about $19 million.

“With the help of Vaurum and this newly purchased Bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies,” Draper said in the statement. Vaurum, is a Palo Alto-based company that facilitates Bitcoin trading for financial institutions and high-net-worth traders. Draper is a primary backer of the firm.

“Of course, no one is totally secure in holding their own country’s currency. We want to enable people to hold and trade Bitcoin to secure themselves against weakening currencies,” Draper added.

The Bitcoins were auctioned Friday from the seized assets of Silk Road, the black market retailer of the Dark Web that was shut down last year. There were some 63 bids offered by the 45 registered bidders participating in the auction.

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