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Silk Road Founder Arrested While Bitcoins Plummet



Bitcoins have been in the news, between the closed 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 path’s founder known online only by his handle ‘Dread Pirate Roberts’, but apparently understood to the feds just a little more intimately as Ross William Ulbricht- and also the seizure and power down of this Silk Road web site itself. Silk path ended up being an exclusively Bitcoin gambling site, well-known to numerous as an open market for illegal drugs and more; the web site’s just under a million registered users were usually cash launderers, in line with the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as probably the most advanced and extensive unlawful marketplace on the web today,’ FBI Special Agent Christopher Tarbell noted within the complaint. Tarbell added that into 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, often for things as macabre as employing hitmen, seeking out computer hackers or purchasing weapons that are illegal.

Major Rate Volatility Ensues

Meanwhile merely 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, whenever rate Continue reading