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 into 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 apparently known to the feds only a little more intimately as Ross William Ulbricht- therefore the seizure and turn off of the Silk Road site itself. Silk path was an exclusively Bitcoin gambling site, well-known to numerous 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 sophisticated and extensive marketplace that is criminal the web today,’ FBI Special Agent Christopher Tarbell noted into the issue. Tarbell added that in 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, frequently for things as macabre as employing hitmen, looking for computer hackers or purchasing illegal weapons.

Major Rate Volatility Ensues

Meanwhile just a few times after the shut down of the site by the feds and the arrest of Ulbricht Bitcoins 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”