Silk Path Founder Arrested While Bitcoins Plummet

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 site that is live-streaming.

It’s been a serious 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 their handle ‘Dread Pirate Roberts’, but apparently understood to the feds only a little more intimately as Ross William Ulbricht- therefore the seizure and power down of the Silk Road site itself. Silk path had been an exclusively Bitcoin site that is gambling well-known to numerous being an available market for illegal drugs and more; the web site’s just below a million registered users were frequently 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 criminal marketplace on the net today,’ FBI Special Agent Christopher Tarbell noted within the issue. Tarbell added that in 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, often for things as macabre as hiring hitmen, looking for computer hackers or buying 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 by themselves went through some Cat-5 volatility, when 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”