Silk Path Founder Arrested While Bitcoins Plummet
Bitcoins are 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 within the news; a triple whammy, actually.
First, there was the arrest by the FBI of Silk path’s founder known online only by his handle ‘Dread Pirate Roberts’, but evidently understood to the feds only a little more intimately as Ross William Ulbricht- as well as the seizure and power down of the Silk Road site itself. Silk Road ended up being an exclusively Bitcoin site that is gambling well-known to numerous as an open marketplace for illegal drugs and much more; the web site’s just below a million registered users were often money launderers, according to the arrest warrant.
‘Based on my training and experience, Silk Road has emerged as the most sophisticated and extensive marketplace that is criminal the Internet today,’ FBI Special Agent Christopher Tarbell noted in the grievance. Tarbell added that within the past 2 1/2 years, Silk Road 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 illegal tools.
Major Rate Volatility Ensues
Meanwhile merely a few times after 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 currency that is digital from $139 per Bitcoin to $109.71 per Bitcoin in only under three hours. Read more