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 live-streaming site.

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 apparently understood to the feds a little more intimately as Ross William Ulbricht- as well as the seizure and turn off of the Silk Road site itself. Silk Road was an exclusively Bitcoin site that is gambling well-known to numerous being an available market for illegal drugs and much more; the site’s slightly 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 the absolute most advanced and extensive unlawful marketplace on the world wide web today,’ FBI Special Agent Christopher Tarbell noted into the complaint. Tarbell added that within 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, usually for things as macabre as hiring hitmen, looking for computer hackers or buying weapons that are illegal.

Major Rate Volatility Ensues

Meanwhile only a few times after the shut down of the site by the feds and the arrest of Ulbricht Bitcoins by themselves went through some Cat-5 volatility, once the rates for […]