Silk Path Founder Arrested While Bitcoins Plummet

Silk Path 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 site that is live-streaming.

It’s been quite a week for Bitcoins within 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 just a little more intimately as Ross William Ulbricht- as well as the seizure and shut down of this Silk Road web site itself. Silk Road had been an exclusively Bitcoin site that is gambling well-known to many as an available market for illegal drugs and more; the web site’s just below a million registered users were usually money launderers, according to the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as probably the most advanced and extensive marketplace that is criminal the online world today,’ FBI Special Agent Christopher Tarbell noted within the grievance. Tarbell added that in the past 2 1/2 years, Silk path generated some $1.3 billion worth of comparable Bitcoin trades and netted $85 million in commissions for itself, frequently for things as macabre as employing hitmen, searching for computer hackers or buying illegal weapons.

Major Rate Volatility Ensues

Meanwhile just a few days after 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 only under three hours. Continue reading “Silk Path Founder Arrested While Bitcoins Plummet”