Silk Road Founder Arrested While Bitcoins Plummet

Silk Road Founder Arrested While Bitcoins Plummet

Bitcoins have been in the news, between the closed down of Silk Road,a plummet in exchange rates, and a new site that is live-streaming.

It’s been a significant week for Bitcoins into the news; a triple whammy, actually.

First, there was the arrest by the FBI of Silk Road’s founder known online only by their handle ‘Dread Pirate Roberts’, but apparently understood to the feds only a little more intimately as Ross William Ulbricht- therefore the seizure and power down of this Silk Road site itself. Silk Road ended up being an exclusively Bitcoin site that is gambling well-known to many being an open market for illegal drugs and much more; the web site’s just below a million registered users were often cash launderers, in line with the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the absolute most sophisticated and extensive marketplace that is criminal the net today,’ FBI Special Agent Christopher Tarbell noted in the problem. Tarbell added that into the past 2 1/2 years, Silk path generated some $1.3 billion worth of comparable Bitcoin trades and netted $85 million in commissions for itself, often for things as macabre as employing hitmen, looking for computer hackers or purchasing weapons that are illegal.

Major Rate Volatility Ensues

Meanwhile just a few days after the shut down of the web site by the feds and the arrest of Ulbricht Bitcoins by themselves went through some Cat-5 vola Continue reading “Silk Road Founder Arrested While Bitcoins Plummet”