Silk Path Founder Arrested While Bitcoins Plummet
Bitcoins come 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 serious week for Bitcoins in 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 known to the feds only a little more intimately as Ross William Ulbricht- as well as the seizure and turn off of the Silk Road site itself. Silk Road ended up being an exclusively Bitcoin gambling site, well-known to numerous being an available market for illegal drugs and much more; the web site’s just below a million registered users were often money launderers, based on the arrest warrant.
‘Based on my training and experience, Silk Road has emerged as the absolute most advanced and extensive marketplace that is criminal the Internet today,’ FBI Special Agent Christopher Tarbell noted in the grievance. Tarbell added that in 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, often for things as macabre as employing hitmen, searching for computer hackers or buying weapons that are illegal.
Major Rate Volatility Ensues
Meanwhile just 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, if the rates for the currency that is digital from $139 per Bitcoin to $109.71 per Bitcoin in just under three hours. [Read more…]