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Silk Road Founder Arrested While Bitcoins Plummet

Silk Road 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 site that is live-streaming.

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 Road’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- 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 many as an available marketplace for illegal drugs and more; the site’s slightly below a million registered users were frequently money launderers, in line with the arrest warrant.

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

Major Rate Volatility Ensues

Meanwhile merely a few times following the shut down of the site by the feds and the arrest of Ulbricht Bitcoins by themselves went through some Cat-5 volatility, once the rates for the digital currency dropped from $139 per Bitcoin to $109.71 per Bitcoin in just under three hours. Fortsett å lese Silk Road Founder Arrested While Bitcoins Plummet