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 live-streaming site.

It’s been a serious week for Bitcoins into 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 apparently understood to the feds a little more intimately as Ross William Ulbricht- and 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 many being an open marketplace for illegal drugs and more; the 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 criminal marketplace on the web 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, usually for things as macabre as employing hitmen, seeking out computer hackers or buying weapons that are illegal.

Major Rate Volatility Ensues

Meanwhile only 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, as soon as the rates for the currency that is digital from $139 per Bitcoin to $109.71 per Bitcoin in only under three hours. Silk Road Founder Arrested While Bitcoins Plummet weiterlesen