About $13 million in bitcoins will be auctioned in Sydney in June after Australian police confiscated the digital currency as proceeds of crime, an official said Tuesday. Ernst & Young was running the process, which is only the second such bitcoin auction in the world after the U.S. Nikitins expects strong interest in the auction because the bitcoin price had become less volatile since the U.S. auctions. Nikitins would not say who the bitcoins were confiscated from, but said registered bidders would be told. Based on Tuesday's bitcoin price of $533.80, the cryptocurrency is valued at almost $13.1 million.

Source: ABC News May 31, 2016 01:33 UTC