In 2013, the Australian Special Forces confiscated 24,500 bitcoin from the local drug lord Richard Pollard. The man is serving his sentence in prison, while the confiscated assets unit is waiting for the right time to sell off his bitcoins.

According to The Sydney Morning Herald, the time for 24500 bitcoins has not come yet:

“The Department of Justice and Regulation's ACO unit is assessing options for selling the bitcoins in this case. With the volatility in price for bitcoins, it is important that the sale of the coins on the open market is done at a time and way to get the best value,”  

said a representative of the Asset Confiscation Operations (ACO) to The Herald’s reporter Lucy Battersby. Local bitcoin experts advise the State of Victoria to sell the bitcoins through auctions in small chunks, following the example of the US Marshals Service.

Richard Pollard is an Australian drug dealer who operated in Melbourne in 2012-2013. Local police tailed him in 2012 and managed to trace and prove his operations on the Silk Road black market. As a result, Pollard was arrested and charged with drug trafficking.

In November 2013, the court heard that Pollard sold 2.8 kilograms of MDMA, 876 grams of ice, 44 grams of cocaine, 30 grams of ketamine, and many other drugs. At his place, police officers found 61 cannabis plant – and gained access to more than 24,000 bitcoins that he had used during his operations.

The drug dealer pleaded guilty to commercial trafficking and was sentenced to 11 years in prison. The Asset Confiscation Operations took over his bitcoins and are now waiting for the right moment to sell this huge amount of digital currency.

Meanwhile, the Australian Crime Commission continues its project, code-named Longstrike, which aims to trace the activity of criminal groups on the darknet. In a press release that dates back to December 2014, the Commission mentioned bitcoin among other currencies used for criminal operations.

“We know that a range of virtual currencies including bitcoin are used as payment methods to facilitate illicit trade on the darknet.  Virtual currencies can be used anonymously and provide a layer of anonymity in addition to that provided by the darknet. People buying illicit commodities such as weapons or drugs on darknets can be attracted to buying from domestic vendors to avoid the risk of being detected by Customs at the border”