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Silk Path Founder Arrested While Bitcoins Plummet

Silk Path Founder Arrested While Bitcoins Plummet

Bitcoins are 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 serious week for Bitcoins in 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 a little more intimately as Ross William Ulbricht- and the seizure and shut down of the Silk Road site itself. Silk path ended up being an exclusively Bitcoin site that is gambling well-known to many as an open marketplace for illegal drugs and more; the web site’s just 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 most advanced and extensive unlawful marketplace on the web today,’ FBI Special Agent Christopher Tarbell noted in the problem. Tarbell added that within the past 2 1/2 years, Silk path generated some $1.3 billion worth of equivalent Bitcoin trades and netted $85 million in commissions for itself, usually for things as macabre as hiring hitmen, looking for computer hackers or buying illegal weapons.

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, once the rates for the digital currency dropped from $139 per Bitcoin to $109.71 per Bitcoin in just under three hours. Lees verder