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Silk Path Founder Arrested While Bitcoins Plummet

Posted by Rwaq on 10/02/2020
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Silk Path Founder Arrested While Bitcoins Plummet

Bitcoins have been in the news, between the shut down of Silk Road,a plummet in exchange rates, and a new live-streaming site.

It’s been quite a 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 evidently known to the feds a little more intimately as Ross William Ulbricht- while the seizure and power down of the Silk Road site itself. Silk path ended up being an exclusively Bitcoin gambling site, well-known to numerous as an available market for illegal drugs and much more; the site’s just below a million registered users were frequently cash launderers, according to the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the absolute most sophisticated and extensive criminal marketplace on the net today,’ FBI Special Agent Christopher Tarbell noted in the complaint. 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, frequently for things as macabre as hiring hitmen, looking for computer hackers or purchasing illegal weapons.

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 themselves went through some Cat-5 volatility, whenever rates for the digital currency dropped from $139 per Bitcoin to $109.71 per Bitcoin in only under three hours. Continue Reading

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