Silk Road Founder Arrested While Bitcoins Plummet

Silk Road Founder Arrested While Bitcoins Plummet

Bitcoins come in the news, between the shut 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 in the news; a whammy that is triple actually.

First, there was the arrest by the FBI of Silk Road’s founder known online only by his handle ‘Dread Pirate Roberts’, but apparently understood to the feds a little more intimately as Ross William Ulbricht- as well as the seizure and shut down of this Silk Road web site itself. Silk Road was an exclusively Bitcoin gambling site, well-known to numerous being an open market for illegal drugs and more; the site’s just below a million registered users were usually cash launderers, in line with the arrest warrant https://casino-online-australia.net/indian-dreaming-slot-review/.

‘Based on my training and experience, Silk Road has emerged as the most advanced and extensive marketplace that is criminal cyberspace today,’ FBI Special Agent Christopher Tarbell noted into the grievance. Tarbell added that within 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, frequently for things as macabre as hiring hitmen, searching for computer hackers or buying illegal weapons.

Major Rate Volatility Ensues

Meanwhile merely a few days after the shut down of the web site by the feds and the arrest of Ulbricht Bitcoins themselves went through some Cat-5 volatility, as soon as the rates for the digital currency dropped from $139 per Bitcoin to $109.71 per Bitcoin in only under three hours. (more…)