Silk Path Founder Arrested While Bitcoins Plummet

Silk Path Founder Arrested While Bitcoins Plummet

Bitcoins have been in the news, between the shut 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 apparently known to the feds only a little more intimately as Ross William Ulbricht- plus the seizure and turn off of this Silk Road site itself. Silk Road was an exclusively Bitcoin site that is gambling well-known to numerous being an open market for illegal drugs and more; the site’s just under a million registered users were frequently cash launderers, in line with the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the most sophisticated and extensive marketplace that is criminal the world wide web today,’ FBI Special Agent Christopher Tarbell noted within the complaint. Tarbell added that in 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, usually for things as macabre as employing hitmen, searching for computer hackers or purchasing illegal tools.

Major Rate Volatility Ensues

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