Silk Path Founder Arrested While Bitcoins Plummet

Silk Path Founder Arrested While Bitcoins Plummet

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

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 path’s founder known online only by their handle ‘Dread Pirate Roberts’, but evidently known to the feds just a little more intimately as Ross William Ulbricht- and also the seizure and power down of the Silk Road site itself. Silk path was an exclusively Bitcoin site that is gambling well-known to many as an open marketplace for illegal drugs and more; the web site’s just under a million registered users were often money launderers, according to the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as probably the most sophisticated and extensive marketplace that is criminal the net today,’ FBI Special Agent Christopher Tarbell noted within the grievance. Tarbell added that in the past 2 1/2 years, Silk Road generated some $1.3 billion worth of equivalent Bitcoin trades and netted $85 million in commissions for itself, usually for things as macabre as employing hitmen, searching for computer hackers or buying illegal weapons.

Major Rate Volatility Ensues

Meanwhile merely a few days following the shut down of the web site by the feds and the arrest of Ulbricht Bitcoins themselves went through some Cat-5 volatility, whenever rates for the cur Continue reading “Silk Path Founder Arrested While Bitcoins Plummet”

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