Silk Path Founder Arrested While Bitcoins Plummet

Silk Path Founder Arrested While Bitcoins Plummet

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

It’s been quite a week for Bitcoins in the news; a whammy that is triple 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 only a little more intimately as Ross William Ulbricht- while the seizure and turn off of the Silk Road web site itself. Silk Road ended up being an exclusively Bitcoin site that is gambling well-known to many being an open marketplace for illegal drugs and much more; the site’s slightly below a million registered users were usually money launderers, according to the arrest warrant.

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

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 by themselves went through some Cat-5 volatility, once the rates for the currency that is digital from $139 per Bitcoin to $109.71 per Bitcoin in just under three hours. 继续阅读Silk Path Founder Arrested While Bitcoins Plummet